East Pipes shares hit highest since listing on TASI

East Pipes shares touched their highest level since listing on the Saudi Stock Exchange on June 22, according to data compiled by Argaam.

The Riyadh-listed pipe manufacturer has been on an upward trend in recent weeks, with the latest move extending gains from its initial public offering. The stock closed at a new high for the period since its debut, the data showed.

Saudi Arabia's infrastructure push, including projects like NEOM and Red Sea resorts, has supported demand for steel pipes used in water and oil transport. East Pipes supplies to these sectors, making it a direct beneficiary of the spending cycle.

The stock's advance came without any specific corporate announcement, suggesting the move is tied to sector momentum. Investors are now watching for the company's next earnings report to gauge whether the revenue growth matches the share price appreciation.