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MANAMA: Benefits of the Global Industry Classification Standard (GICS) were explained to market participants by Bahrain Bourse (BHB) during a series of virtual awareness workshops.
After the adoption of GICS on July 11, sectors on BHB will be reclassified into seven of the 11 globally-defined level 1 sectors.
Listed companies on the exchange will be reclassified into the seven sectors based on their principal business activity. The seven sectors include materials, industrials, consumer discretionary, consumer staples, financials, communication services, and real estate
BHB announced the workshops were part of its plans to communicate key information related to GICS and the new industry re-classification of listed companies.
The sessions were meant for listed companies, brokers and members, and the public, with more than 80 participants in attendance.
Attendees were provided with an explanation of the new classification methodology and the benefits of adopting it.
The workshops also saw discussions on the re-classification of listed companies following the adoption of GICS.
Bahrain Bourse director of trading operations Abdulla Janahi commented: “The adoption of GICS will assist in meeting the needs of the global investment community for a classification system that reflects a company’s financial performance to that of the industry it represents. The industrial re-classification will ensure alignment of a company’s business activities and sources of revenues to its respective sector classification.
“The GICS is a global hierarchical industry classification standard developed by index providers MSCI and S&P Dow Jones which covers 11 sectors representing the first level of the standards,” Mr Janahi added.
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