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Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
The Saudi stock market closed higher on Sunday, with the Tadawul All Share Index advancing 0.20%, reflecting steady momentum despite global economic headwinds. Gains in the investment and chemicals sectors fueled the upward trend, while certain stocks suffered sharp losses amid volatile trading.
Top Performers and Rising Sectors
Al Baha Investment and Development Company SJSC emerged as the session’s standout performer, surging 10.00% to close at 0.33 points. The investment firm’s impressive performance underscores investor optimism about its potential recovery amid ongoing strategic realignments.
MBC Group CJSC also delivered strong results, gaining 5.31% to end at 57.50 points, followed by Saudi Chemical Company, which climbed 4.90% to 10.28 points. The robust performance of these stocks highlights the resilience of the investment and chemical sectors in Saudi Arabia’s diverse economic landscape.
Meanwhile, 217 stocks advanced on the Saudi Stock Exchange, far outpacing the 97 that declined. Twenty-three stocks ended unchanged, further reflecting a positive market sentiment.
Key Losers in a Mixed Market
Despite the overall gains, several stocks faced notable declines. Dr. Soliman Abdel Kader Fakeeh saw the steepest drop, falling 3.81% to close at 68.20 points. Similarly, the National Company for Learning and Education SJSC declined 3.67% to end at 230.80 points, while Bawan lost 2.92%, closing at 48.15 points.
The divergence between top gainers and laggards illustrates the mixed performance across various sectors, a recurring theme in volatile markets.
Commodities and Currency Trends
While the Saudi stock market gained, crude oil prices continued their decline. January delivery crude fell 1.61% to $67.20 a barrel, and February Brent oil dropped 1.35% to $71.12 a barrel. In contrast, gold futures rose 0.42% to $2,659.60 a troy ounce, driven by safe-haven demand amid economic uncertainty.
Currency markets showed minimal movement, with the USD/SAR exchange rate holding steady at 3.76. However, the euro weakened against the Saudi riyal, with EUR/SAR down 0.25% to 3.97.
Public Reactions Reflect Mixed Sentiment
Saudi Arabia’s market performance sparked a lively debate on social media, highlighting both optimism and concern:
- @InvestGulf: “Al Baha’s surge is remarkable! But what’s behind Dr. Fakeeh’s sharp decline? #TadawulAllShare”
- @MiddleEastMarket: “MBC Group is solidifying its position. A great day for Saudi stocks despite oil’s slide. #SaudiStocks”
- @OilWatcher: “Oil prices down again, but Saudi stocks still gaining. Is this a new trend? #Commodities”
- @GlobalTrader2024: “Gold up, oil down—investors clearly hedging their bets. Watch Saudi Chemical’s next move. #GoldVsOil”
- @FinanceVision: “Dr. Fakeeh’s loss was a surprise. Are investors overreacting, or is there more to it? #StockWatch”
- @ArabiaBusiness: “The Tadawul’s resilience is impressive, but key sectors need more stability. #MarketInsights”
