KUALA LUMPUR (Nov 21): Malaysia’s FBM KLCI is likely to see no change in constituents when the benchmark equity index is up for its December review, according to a research house.

The lowest-capitalised current constituent is Sime Darby Bhd (KL:SIME) ranking 32nd, still well above the deletion threshold, RHB Research said in a note. Westports Holdings Bhd (KL:WPRTS), the non-component stock with the highest market capitalisation, is only ranked 27th, below the minimum for inclusion.

“Based on our analysis of the latest market capitalisation rankings and liquidity of the component stocks, we do not expect any changes to the FBM KLCI stock list in the December 2025 review,” RHB Research said.

To qualify for inclusion, a stock must rank within the top 25 by market capitalisation as of the cut-off date while a drop to 36th or lower could trigger removal. A company must have at least 15% of its shares held by public investors.

Further, a stock must have a monthly median daily trading volume of at least 0.04% of its shares in issue, adjusted for investability, in at least eight of the past 12 months under the index’s rules.

IOI Corporation Bhd (KL:IOICORP) passed the liquidity screening test after being previously flagged for potentially failing the criteria, RHB Research said.

The reserve list, meanwhile, is expected to include Westports, United Plantations Bhd (KL:UTDPLT), and KPJ Healthcare Bhd (KL:KPJ), the research house said. Fraser & Neave Holdings Bhd (KL:F&N) is excluded due to its failure to meet the non-constituent liquidity requirement, the house added.

A member of the reserve list will be used if one or more constituents are removed from the KLCI before the next scheduled review is up. Genting Bhd (KL:GENTING) and IOI Properties Group Bhd (KL:IOIPG) are also in the current reserve list.

The outcome of the semi-annual review will be announced on Dec 6, based on the ranking by market capitalisation at the end of the trading day on Nov 24. Any changes will take effect on Dec 24.