Technically speaking, FM - or more properly microdot screening - does not actually increase the gamut. Instead, it is more accurate to say that FM reduces the potential gamut less than the larger dots of an AM screen does. The function of ink in printing is to filter light, when that happens you see color according to what part of the spectrum is filtered by the ink.
If, for example, the dot areas (not dot gains) of a 175 lpi AM/XM screen and a 20 micron FM screen are the same then the FM will have a larger gamut.
The main reasons for this effect are:
1- For the same tone value the FM screen covers more of the paper compared with an AM/XM screen. That means more light is filtered by the ink rather than reflecting off of uninked paper. Light that reflects off of uninked paper dirties the color we see.
2- For the same tone value the FM screens have a thinner and more homogenous (even) film of ink on the dots compared with an AM/XM screen. This enables the ink to filter light more efficiently. (somewhat as bewilliams described it with the ocean analogy)
3- Because of their small dot size and thinner film of ink FM screening dries faster which improves overprint trapping efficiency.
It's important to note that it is not the fact that the screening is FM - i.e. how the dots are organized - that results in the gamut difference. It is the fact that the dots are smaller - i.e. the lpi is effectively higher.
If you run an AM/XM screen up to about 400 lpi it will have a similar gamut to a 20 micron FM screen.
In the case of Esko Concentric screening, because it is at heart an AM screen, if you compare it at 175 lpi to a conventional AM/XM screen also at 175 lpi then, in my tests, its gamut will be less, not more, than the AM/XM screen gamut.
The reasons are explained here:
Quality In Print: Esko Concentric screening - some observations
best, gordo