Direct Answer
The FTSE Bursa Malaysia EMAS Index is a rule-based measurement of broad Malaysian equity benchmark, maintained by FTSE Russell/Bursa Malaysia. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The FTSE Bursa Malaysia EMAS Index covers broad Malaysian equity benchmark, within the Malaysia market. FTSE Russell/Bursa Malaysia defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Free float adjusted market capitalisation: price times shares in issue times an investability factor, scaled by a divisor. Selection and size cut-offs use full market capitalisation before free float, but index weights use the investable amount only. The only capping rule in the document covers the Asian Palm Oil Plantation Index.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Ordinary shares listed on the main market of Bursa Malaysia, with free float above 15%, a reliable price and a passing semi-annual liquidity test. Investment trusts and PN17 companies are excluded. EMAS aims to represent 98% of the full market capitalisation of all eligible main market securities.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
Very large new issues can fast enter after the fifth trading day with no minimum trading record. Other new issues are considered at the next semi-annual review, and need at least 20 days of trading record when tested for liquidity.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Reviewed in June and December, effective after the close on the third Friday, using a cut-off of the top 98% by full market capitalisation. Buffers apply: non-constituents enter inside the top 97% and constituents leave only below 99% of the main market universe.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
EMAS is defined by cumulative coverage rather than a company count, and deleted companies are not replaced. Stocks that fall below the 99% line move to the Fledgling Index, and no company can be in more than one of the KLCI, Mid cap, Small cap and Fledgling indices.
References
- FTSE Russell/Bursa Malaysia: FTSE Russell, FTSE Bursa Malaysia Index Series Ground Rules, as published 2026. Every rule described on this page is taken from this document.
Current FTSE Bursa Malaysia EMAS Index constituents
FTSE Russell/Bursa Malaysia publishes and licenses the FTSE Bursa Malaysia EMAS Index constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
FTSE Russell/Bursa Malaysia: official FTSE Bursa Malaysia EMAS Index page
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the FTSE Bursa Malaysia EMAS Index?
FTSE Russell/Bursa Malaysia maintains the FTSE Bursa Malaysia EMAS Index and publishes the methodology document that defines its eligibility and weighting rules.
What does the FTSE Bursa Malaysia EMAS Index measure?
It measures broad Malaysian equity benchmark. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current FTSE Bursa Malaysia EMAS Index constituents?
FTSE Russell/Bursa Malaysia publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.