The change will take effect on June 24, the bourse operator and the index provider said in a joint statement today. The next review will take place in December.

The benchmark FBM KLCI comprises the top 30 companies by market capitalisation. Based on today’s closing prices, Sunway has a market capitalisation of RM20.44 billion while AMMB is at RM14.05 billion.

AMMB will drop into the FBM KLCI’s “reserve list” which comprises the five largest non-KLCI constituents by market capitalisation. It includes Dialog Group Bhd, Gamuda Bhd, IOI Properties Group Bhd, and Malaysia Airports Holdings Bhd.

The reserve list will be used if one or more constituents are removed from the FBM KLCI in accordance with the index ground rules during the period up to the next semi-annual review.

Bursa Malaysia and FTSE Russell also unveiled nine constituent changes to the FBM Mid 70 Index and one constituent change to the FBM Hijrah Shariah Index.

The inclusions to the FBM Mid 70 Index are AMMB, AEON Credit Service (M) Bhd, IGB Real Estate Investment Trust, IJM Corp Bhd, IOI Properties Bhd, Mega First Corp Bhd, Pavilion Real Estate Investment Trust, Sime Darby Property Bhd, and Sunway Construction Group Bhd.

They will be replacing AEON Co (M) Bhd, Astro Malaysia Holdings Bhd, Berjaya Corp Bhd, Dagang NeXchange Bhd, Hibiscus Petroleum Bhd, Ta Ann Holdings Bhd, TSH Resources Bhd, Uchi Technologies Bhd, and Sunway.

Inari Amertron Bhd will replace Greatech Technology Bhd on the FBM Hijrah Shariah Index.

The FBM KLCI, which is part of the FTSE Bursa Malaysia Index Series, is widely used by investors as the primary benchmark for the Malaysian capital market.

Bursa Malaysia together with FTSE, its index partner, integrated the KLCI with an internationally accepted index calculation methodology to provide a more investable, tradable and transparently managed index, on July 6, 2009.