Bahrain Bourse holds virtual awareness workshops on Global Industrial Classification Standard adoption

Manama, June 7 (BNA): Bahrain Bourse has held a series of virtual awareness workshops on its plans to adopt the Global Industry Classification Standard (GICS). The workshops are part of its plans to communicate key information related to GICS and the new industry re-classification of listed companies to market participants and the public. More than 80 participants attended the workshops targeted towards listed companies, brokers and members, and the public. They included a brief explanation of the new classification methodology and highlighted the benefits of adopting it. They also discussed the re-classification of listed companies following the adoption of GICS, and addressed queries from the participants. “The adoption of the Global Industrial Classification Standard (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," Director of Trading Operations at Bahrain Bourse Abdullah Janahi said. "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 that covers 11 sectors representing the first level of the standards, he said. "After the adoption of GICS on July 11, 2021, Bahrain Bourse’s sectors will be reclassified into seven of the 11 of the globally-defined Level 1 (Sectors). Listed companies on Bahrain Bourse will be reclassified into the seven sectors (sectors) based on their principal business activity. The seven sectors include materials, industrials, consumer discretionary, consumer staples, financials, communication services, and real estate."