A market manipulation scandal in Turkey stems from allegations that investment firms inflated small, illiquid stocks with low free float, which the Capital Markets Board said could not be explained by the companies' economic or financial fundamentals. In September, Pusula Portföy became the first asset manager to report a fund default, and Tera Portföy said two of its funds had also defaulted, while the BIST 100 index fell 16.7% that month. The regulator ordered the liquidation of 131 funds with about 1 trillion lira ($20.2 billion) in assets. MSCI has frozen certain index changes for Turkish equities and may consider reclassifying Turkey's indexes if sufficient progress is not shown by June 2027, while also proposing to downgrade Indonesia to standalone market status over opaque shareholding structures and suspected coordinated trading.
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- Indonesia gets a wake - up call as MSCI prepares to expel it from global indexes
On October 16, MSCI said Indonesia's stock market no longer merits emerging market status and proposed moving it to 'standalone' status, which would exclude its stocks from global indexes tracked by passive funds. The move sparked the steepest one-day drop in Jakarta shares since 1998, with the benchmark index falling 11% to a six-year low and the rupiah sliding 0.6% to 18,070 per US dollar. UBS estimated it could trigger about $4 billion in passive outflows, with active investors potentially adding $15 billion, while foreign investors have already net sold $4.7 billion of Indonesian stocks in 2026. MSCI will consult market participants until April 2027 before reclassifying unless it sees clear evidence of improved market governance, and Indonesian officials questioned why the standalone option was not discussed earlier.
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