Jakarta. Shares of Indonesia’s major banks have been among the hardest hit as escalating tensions in Iran triggered foreign capital outflows from the domestic stock market.

Over the past month, the benchmark stock index has fallen 13.46%, while foreign investors have withdrawn Rp 3.82 trillion (around $225.2 million) from the Indonesia Stock Exchange.

The country’s four largest lenders — Bank Rakyat Indonesia (BRI), Bank Central Asia (BCA), Bank Mandiri, and Bank Negara Indonesia (BNI) — have borne the brunt of the sell-off, as global investors reduced exposure to emerging markets amid heightened geopolitical risks after the United States and Israel launched military strikes on Iran.

The sell-off underscores the vulnerability of Indonesia’s banking sector — a key proxy for foreign investors — to shifts in global risk sentiment, particularly during periods of geopolitical uncertainty.

Market data show that BRI recorded the largest foreign outflows at Rp 1.75 trillion, followed by BCA at Rp 1.59 trillion, BNI at Rp 1.06 trillion, and Bank Mandiri at Rp 875.6 billion.

The outflows have been accompanied by declines in share prices. BRI shares dropped 7.94%, BCA fell 5.9%, BNI slipped 2.01%, and Bank Mandiri declined 6.8% over the same period.