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Saudi Cable, MIS, SEDCO REIT hit 52-week highs on TASI
Saudi Cable, MIS, and SEDCO Capital REIT each hit 52-week highs on TASI on June 15. The moves reflect rotation into smaller domestic plays tied to infrastructure and real estate.
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Shares of Saudi Cable and MIS, along with units of SEDCO Capital REIT, each touched their highest levels in 52 weeks on the Saudi stock exchange on June 15, data compiled by Argaam showed.
Saudi Cable rose 3.2% on the session. The company supplies power and telecom cables for projects tied to the kingdom's infrastructure push under Vision 2030. Its shares have been climbing since early 2024 as government spending on utilities and transport accelerates. No specific corporate announcement accompanied the move, traders said.
MIS, a smaller-cap information technology firm, added 2.8%. The company provides software and systems integration services to government and corporate clients. Its stock has gained on expectations of higher digitization spending in Saudi Arabia. The session's high came on thin volumes, which some market participants said could limit follow-through.
SEDCO Capital REIT, a real estate investment trust, gained 1.9%. The REIT owns a portfolio of commercial and residential properties in the kingdom. Its units have been supported by a relatively stable interest rate outlook in Saudi Arabia and strong rental demand in Riyadh and Jeddah. The 52-week high puts the trust's total return since listing at roughly 12%, excluding dividends.
The broader TASI index was higher on the session, narrowing its year-to-date decline to about 4%. The three stocks outpaced the index significantly on the day.