Nofoth, Al Othaim shares hit 52-week lows on TASI

Nofoth Food Products and Abdullah Al Othaim Markets shares each touched their lowest levels in 52 weeks on the Saudi stock exchange Sunday, July 6.

Nofoth fell to SAR 39.50 during the session, while Al Othaim dropped to SAR 10.96, according to exchange data compiled by Argaam. The moves extended recent declines for both consumer-facing stocks.

Nofoth, a frozen-food distributor, has been under pressure as input costs rise and consumer spending patterns shift. The stock is down roughly 30% from its 52-week high of SAR 56.50 set in late 2024.

Al Othaim, one of Saudi Arabia's largest grocery and hypermarket operators, has faced similar headwinds. The stock's 52-week high of SAR 15.84 came in early 2025. The current level represents a decline of about 31% from that peak.

Neither company has issued a statement addressing the recent price action. Trading volumes on both stocks were elevated compared to their 30-day averages, suggesting active selling rather than a liquidity-driven drop.

The broader TASI index was down 0.4% on the session, underperforming Gulf peers. Consumer staples have been among the weakest sectors on the exchange this quarter as inflation data and retail-sales figures have missed expectations.

For Nofoth, the next support level below SAR 39.50 is the IPO price of SAR 35, set when the company listed in 2022. Al Othaim's next technical floor sits near SAR 10.50, a level last tested in 2023.

Both stocks are now in oversold territory on the 14-day relative strength index, though momentum traders caution that RSI alone does not mark a bottom in a trending decline.