Colombo bourse embraces GICS on 30th anniversary

4 December 2015 03:15 am - 0     - {{hitsCtrl.values.hits}}

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The Colombo Stock Exchange (CSE) adopted the Global Industry Classification Standard (GICS) during the bourse’s 30th anniversary celebration in the presence of Prime Minister Ranil Wickremesinghe.
GICS was jointly developed by Standard & Poor and MSCI Barra to meet the global financial community’s need for one complete, consistent set of global sector and industry definitions.
“We believe that the adoption of GICS by CSE is very important step for sector investing and portfolio diversification. This globally accepted standard not only will enable foreign investors to analyze the sector diversity of the Sri Lankan equity market but also local investors to truly diversify.” CSE Chairman Vajira Kulatilaka said.
GICS classifies each company under 10 sectors, 24 industry groups, 67 industries and 156 sub-industries.
Colombo bourse
The world’s leading financial professionals across all investment disciplines, including asset managers, institutional investors, consultants, and researchers have adopted GICS as the classification standard. 
We are proud to be extending a very successful and strong relationship with the CSE, and look forward to being a part of the Sri Lankan equity market growth journey.” S&P Dow Jones Indices Equity Indices Product Management Managing Director Alka Banerjee said.
The CSE is implementing GICS as an alternative classification of companies for a pilot period of one year during which period the current classification would also be maintained, in order to make stakeholders comfortable with GICS and facilitate a smooth transition.
 “We are sure that the decision to adopt GICS would enhance the market infrastructure and help the investors to better understand the characteristics and change of industry structure. The gradual implementation of the project will help smooth transition from the existing classification to GICS,” CSE CEO Rajeeva Bandaranaike said. 
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