By Bosphorus News Economy Desk
MSCI will remove 18 Turkish stocks from its Small Cap index and transfer Sabancı Holding and Astor Enerji from its Standard segment in its November review. Announced on November 11, the changes take effect after markets close on November 30, with Türkiye-specific restrictions introduced in October still in force.
The November changes
Sabancı Holding (SAHOL) and Astor Enerji (ASTOR) will move from the Standard segment of the MSCI Turkey Index to the MSCI Turkey Small Cap Index. They account for the two Small Cap additions in Türkiye, although neither company is entering MSCI's Turkish investable universe for the first time.
The 18 Small Cap deletions are Ahlatcı Doğal Gaz (AHGAZ), Altınkılıç Gıda ve Süt (ALKLC), Batıçim Batı Anadolu Sanayi ve Ticaret (BTCIM), Batıçim Çimento Sanayi (BSOKE), Eczacıbaşı İlaç (ECILC), Gen İlaç ve Sağlık (GENIL), Hektaş (HEKTS), Işıklar Enerji ve Yapı (IEYHO), LDR Turizm (LIDER), Lydia Holding (LYDHO), Margün Enerji Üretim (MAGEN), Odine Solutions (ODINE), Pasifik Eurasia Lojistik (PASEU), Peker Gayrimenkul Yatırım (PEKGY), Ral Yatırım Holding (RALYH), Selçuk Ecza Deposu (SELEC), Tera Yatırım Teknoloji Holding (TEHOL) and Türk Traktör (TTRAK).
MSCI sets out the changes in its November 2026 Small Cap review list. Removal from an MSCI benchmark does not affect a company's listing on Borsa İstanbul. Index-tracking funds may rebalance their holdings, but the review provides no estimate of resulting sales or capital flows.
October restrictions remain in place
MSCI froze several types of upward changes to its Türkiye equity indexes on October 15. The restrictions blocked additions to the MSCI Turkey Investable Market Index, moves from Small Cap to Standard, and increases in the Foreign Inclusion Factor (FIF) and Number of Shares (NOS) used in index calculations. FIF represents the proportion of shares available to foreign investors.
Deletions and moves to smaller size segments were not frozen. Sabancı and Astor can therefore transfer to Small Cap as the 18 other stocks leave the index. MSCI's November 11 announcement did not lift the October restrictions.
Warnings before the freeze
MSCI raised concerns about Türkiye earlier in the year. Its June 2026 Global Market Accessibility Review rated information flow, short selling, access to investment instruments and institutional stability as areas needing improvement. A separate June market classification review recorded investor concerns about possible coordinated trading through funds linked to smaller listed companies and the reliability of free-float figures.
An earlier Bosphorus News investigation documented the Capital Markets Board's acknowledgment that unusual price movements in low-float stocks had been identified in late 2025. By September, regulators had tightened fund rules and imposed liquidation measures. MSCI has not linked the November deletions to the fund investigation.
In October, MSCI acknowledged changes by Turkish authorities to the treatment of certain fund-held stakes in free-float calculations. It continued to seek verifiable beneficial-ownership information and sustained enforcement against coordinated trading.
Türkiye retains its MSCI Emerging Market classification. MSCI warned that if progress remains insufficient by June 2027, it may consider opening a consultation on possible reclassification to Frontier or Standalone Market status. No such consultation has been announced.
Sources: MSCI, Public Disclosure Platform (KAP), Capital Markets Board of Türkiye, Bosphorus News review and reporting.