Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) announced adopting the new industry classification, effective 8 January 2017, a bourse statement revealed.
This move is part of Tadawul’s strategy to support the Saudi capital market development, to enhance transparency, and to provide more reliable information on sector performance, the statement added.
All listed companies were notified of the new sectors, to which they are belonging according to the Global Industry Classification Standard (GICS).
The new classification consists of 20 industry groups representing the second level of GICS.
The calculation of New Sector Indices will start on January 8, 2017, at 5,000 points (Base Values), said Tadawul.
“This will allow better sector performance comparability, given one unified starting point”, the statement indicated.
