The Saudi Stock Exchange (Tadawul) will rename the “Media” Industry Group to “Media and Entertainment” based on the recent GICS Periodical Review effective from Sept. 30, 2018, the bourse said in a statement on its website.


GICS also includes renaming the “Telecommunication Services” Sector (level-1) as “Communication Services” Sector.


“Media” Industry Group (level-2) will also be changed to “Media & Entertainment”.
 

Meanwhile, “Media & Entertainment” industry group (level-2) will be moved from the “Consumer Discretionary” sector (level-1) into “Communication Services” sector (level-1).
 

“Since Tadawul applies (level 2) on market sectors and indices, this change will only effect the naming of the “Media” to “Media & Entertainment”, and no changes shall affect companies currently under this sector”, the statement added.
 

GICS Periodical Review of sectors and companies’ performance ensures classifying companies within the right sector thus providing investors with more accurate information.

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