Stock fixing scandal could see Turkish companies frozen out of global indexes

A market manipulation scandal is continuing to rock Turkey, with the country's emerging market status coming under threat and the country's listed companies now at risk of being frozen out of global indexes. Allegations began swirling in the fourth quarter of 2025 that investment management firms were artificially inflating stock prices by piling into small, illiquid listed companies with low free float rates. Turkey's Capital Markets Board (SPK) later said the investments in the stocks "could not be explained by economic realities or by the financial fundamentals of the companies concerned.