Saudi Stocks Start 2024 on a Positive Note

The Saudi stock market rose today, Monday, starting the year 2024 with a positive increase driven by expectations of the Federal Reserve (the U.S. central bank) lowering interest rates this year, while other major markets in the region were closed. According to CME's "FedWatch" tool, markets anticipate that the Federal Reserve will begin to decrease U.S. interest rates in March, reflecting a change in expectations from the previous month. Monetary policy in the six Gulf Cooperation Council countries is typically guided by the decisions of the Federal Reserve since most currencies in the region are linked to the dollar. The main index in Saudi Arabia increased by 0.6%, supported by gains in almost all sectors, with Alinma Bank's share rising by 3.2% and Arabian Cement Company’s share rising by 10%. Arabian Cement Company reported that it settled financial obligations amounting to 572.7 million riyals (152.73 million dollars) with one of the local lending banks.