The main index of the Saudi stock market, TASI, rose by about 0.3 percent during Sunday trading, ending the year with gains of about 14.2 percent, in light of expectations of a reduction in interest rates in 2024.
The shares of oil giant Saudi Aramco rose 13.1 percent, achieving its largest annual gain since its offering in December 2019, despite the decline in oil prices.
According to CMI's Fed Watch tool, markets expect the US Federal Reserve to begin lowering US interest rates in March, reflecting a change in expectations from the previous month.
Monetary policy in the six Gulf Cooperation Council countries is usually guided by Federal Reserve Bank decisions because most of the region's currencies are linked to the dollar.
