Turkish investment funds are urging authorities to crack down on unusual trading activity that has sent some stocks soaring and has put the nation at risk of exclusion from major equity benchmarks.

The surge in prices, driven by speculative flows, has alarmed regulators who fear that sudden volatility could trigger a downgrade of the country’s market classification.

Officials from the Turkish capital markets watchdog have been briefed on the irregular patterns, and sources say a formal response may be issued within weeks.

Analysts warn that if the MSCI review concludes with a negative outlook, foreign index providers could pull billions of dollars out of Turkish equities, amplifying market stress and possibly affecting inclusion in the MSCI Emerging Markets index.