05 November 2013
JEDDAH - Saudi stock benchmark Tadawul All Share Index ticked up 0.2 percent in dull trading.
Investors were cautious as the government began a crackdown on illegal immigrant after amnesty expiration.
"When we have a better idea of what the impact is on companies, investors will select sectors accordingly," said Asim Bukhtiar, head of research at Riyad Capital. "Right now, construction companies are complaining. If labour costs go up, you'll see inflationary impact."
In Oman, the bourse rose 0.4 percent. Boosted by quarterly earnings, the market hit a two-month high.
"Earnings have been mostly in line and some above our expectations," said Kanaga Sundar, Gulf Baader Capital Markets head of research.
JEDDAH - Saudi stock benchmark Tadawul All Share Index ticked up 0.2 percent in dull trading.
Investors were cautious as the government began a crackdown on illegal immigrant after amnesty expiration.
"When we have a better idea of what the impact is on companies, investors will select sectors accordingly," said Asim Bukhtiar, head of research at Riyad Capital. "Right now, construction companies are complaining. If labour costs go up, you'll see inflationary impact."
In Oman, the bourse rose 0.4 percent. Boosted by quarterly earnings, the market hit a two-month high.
"Earnings have been mostly in line and some above our expectations," said Kanaga Sundar, Gulf Baader Capital Markets head of research.
© The Saudi Gazette 2013
