FBM Small Cap climb - sustainable?

Since  GE 13 on May 5th, the FBM small cap index has out performed FBM KLCI. Increasing 43% compared KLCI's rise of 15.7% within 8 months.  This is also seem to correspond to the call by PM Najib for local funds to buy into the Small cap stocks. Is this growth sustainable?

The following chart shows a interesting trend:

The wide difference between KLCI and small cap index is a sign that prices are no longer cheap. Current PER of 23x which is higher that KLCI's 17x is telling that small cap stocks are worth more then the big brothers. Retail investors participation in Bursa also has been above 20% since 5/5/2013 touching the 30% mark at times. Foreign investors are however heading the other way.

Interestingly, both The edge weekly and Icap.biz ran articles on FBMscap.

Both of this publication are influtial at their own right. Will this start a new cycle? I would believe so.