FBM KLCI vs FBM Small Cap vs FBM EMAS: What Each Index Measures
The short answer
The FBM KLCI covers the 30 largest eligible Main Market companies by full market capitalisation [1]. The FBM Small Cap covers eligible companies outside the largest 100, and the FBM EMAS combines the Top 100 and Small Cap, representing 98% of eligible market capitalisation [1]. They nest together, so they measure different slices of the same market.
What is the FTSE Bursa Malaysia Index Series?
These indices belong to the FTSE Bursa Malaysia Index Series, calculated under ground rules published by FTSE Russell. The version reviewed here is v6.1, March 2025; rules can be revised, so check the edition in force [1].
The series divides the market into large cap, mid cap, small cap, fledgling and Shariah-compliant segments [2].
What does each index mean in one sentence?
- FBM KLCI: the largest 30 companies on the Main Market by full market capitalisation that meet the eligibility requirements [1].
- FBM Mid 70: the next 70 companies by full market capitalisation [1].
- FBM Top 100: the KLCI and the Mid 70 combined [1].
- FBM Small Cap: eligible companies within the top 98% of the Main Market that are not in the Top 100 [1].
- FBM EMAS: the Top 100 plus the Small Cap constituents [1].
How do the indices fit together?
Think of the EMAS as the whole eligible market, and the other indices as slices of it.
The EMAS represents 98% of the full market capitalisation of eligible ordinary securities listed on the Main Market [1]. Inside it, the 30 largest form the KLCI, the next 70 form the Mid 70, and everything remaining is the Small Cap [1]. The number of constituents in the KLCI, Mid 70 and Top 100 is fixed [1]; the Small Cap and EMAS are not fixed counts.
Companies on the ACE Market are not part of the EMAS. They are covered by a separate FTSE Bursa Malaysia ACE Index [1], which you can read about in Finworld’s ACE Market entry.
How do the three indices compare?
| Index | What it covers | Constituent count |
|---|---|---|
| FBM KLCI | Largest 30 eligible Main Market companies by full market cap [1] | Fixed at 30 [1] |
| FBM Mid 70 | Next 70 companies [1] | Fixed at 70 [1] |
| FBM Top 100 | KLCI plus Mid 70 [1] | Fixed at 100 [1] |
| FBM Small Cap | Eligible companies in the top 98% that are outside the Top 100 [1] | Not fixed |
| FBM EMAS | Top 100 plus Small Cap, 98% of eligible market cap [1] | Not fixed |
How often are the indices reviewed?
The constituents are reviewed twice a year. The EMAS size rule is implemented after the close on the third Friday in June and December [1]. Securities are also tested for liquidity semi-annually in June and December, based on the monthly median of daily trading volume, although the Fledgling and ACE indices are not screened for liquidity [1].
A company can therefore move between slices at a review, for example from the Small Cap into the Mid 70 if its market capitalisation grows enough.
Why do the differences matter?
The KLCI is often quoted as the headline number for Malaysian equities, yet it reflects only 30 companies [1]. Its direction can differ from the experience of the many other listed companies, which is why Finworld’s daily overview shows the KLCI alongside advancers, decliners and market breadth.
Small caps can behave differently from large caps because they may be more sensitive to local conditions and trade less actively. Comparing the Small Cap and KLCI shows whether a move is broad or concentrated.
Remember that these are market-capitalisation indices. They describe size and eligibility, not quality or value.
Hypothetical illustration: suppose Company A is a small Main Market business that grows until it is large enough to move up a slice at a review. Nothing about its quality has to change for the index label to change; only its size relative to other companies does.
Who uses which index?
- Someone gauging overall mood typically looks at the KLCI first.
- Someone checking the breadth of a rally may compare the KLCI with the Small Cap.
- Someone benchmarking a diversified Malaysian portfolio may prefer the EMAS because it is the broader measure.
For an explanation of the headline measure, read the FBM KLCI glossary page. To see how the whole market is moving, try the market breadth view.
How can you read the three indices together?
Start with the KLCI for the mood among the largest companies, then look at the EMAS for the whole eligible Main Market, and use the Small Cap to see whether smaller companies are moving with the large ones.
If the KLCI moves and the Small Cap does not, the move is narrow. If both move the same way, it is broader. Overlap is built in, because the KLCI companies also sit inside the EMAS, so the two are not independent readings.
Index names are shorthand, and the full names carry the FTSE Bursa Malaysia prefix. When a news item says the market rose or fell, check which index it refers to, because the same day can look different through a large-company lens and a small-company lens.
Frequently asked questions
How many companies are in the FBM KLCI?
The FBM KLCI consists of the largest 30 eligible companies on the Main Market by full market capitalisation [1].
Is the FBM EMAS the same as the whole market?
No. It represents 98% of the full market capitalisation of eligible Main Market ordinary securities [1].
Does the FBM EMAS include ACE Market companies?
No. ACE Market companies are covered by a separate FTSE Bursa Malaysia ACE Index [1].
How often are the indices reviewed?
The FTSE Bursa Malaysia Index Series is reviewed semi-annually in June and December [1].
Sources
- FTSE Russell (LSEG) — FTSE Bursa Malaysia Index Series Ground Rules, v6.1, March 2025 (index definitions, eligibility, semi-annual review)
- LSEG / FTSE Russell — FTSE Bursa Malaysia index series page (segments and factsheets)
Disclaimer: Finworld provides market education and research tools only. This is not investment advice. Market data is end-of-day.