Riyadh – Mubasher: Arabian Pipes Company’s shares climbed 6.59% to SAR 7.12 during intraday trading, positioning the stock among the top gainers in the basic materials sector.
The price movement follows the company's disclosure of a formal contract sign-off with Saudi Arabian Oil Company (Aramco) and an invitation to shareholders for an Extraordinary General Meeting (EGM) to deliberate on a proposed capital increase.
Technical data shows the stock is currently trading just below its 20-day Simple Moving Average (SMA) of 7.13 and 50-day SMA of 7.15, while maintaining a position above the 200-day SMA of 5.81.
The Relative Strength Index (RSI) is 52.68, reflecting neutral momentum, while the Average Directional Index (ADX) stands at 23.07. The Moving Average Convergence Divergence (MACD) is reported at 0.127.
The upcoming meeting, which will be held via modern technology, aims to finalize the capital expansion plans as the company secures new industrial orders.
