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Three Saudi Stocks Hit All-Time Lows on TASI Tuesday
Agree Real Estate, Argaam Investment, and a third issuer each broke below prior lows on thin volume, diverging from a modestly higher TASI. Stop-loss orders amplified the declines.
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Three stocks on Saudi Arabia's main index touched the lowest levels since their respective listings Tuesday, a session that saw selective pressure on smaller-cap names.
Agree Real Estate, Argaam Investment Company, and a third undisclosed issuer each printed new intraday lows before recovering slightly. Agree fell as much as 3.2% to SAR 14.86, below its previous floor set in March. Argaam dropped 2.1% to SAR 45.20, breaking below the SAR 46 support that had held since its IPO in 2022. The third company, which requested its name be withheld during the session, slid 4.5% on thin volume.
The moves came on a day when the broader TASI index edged up 0.3%, driven by petrochemical and banking heavyweights. The divergence suggests the selloff in these three names was company-specific, not sectorwide.
Agree Real Estate had been under pressure since its Q1 earnings missed estimates by 12%, with rental income growth slowing to 3% year-on-year. Argaam's decline follows a May disclosure that its advertising revenue fell 18%, the biggest drop since the company went public. Analysts at Al Rajhi Capital downgraded the stock to neutral last week, citing margin compression.