The world has its first $2 trillion company. But for how long?

📆 12/12/2019 06:45 م
📰 CNN Philippines

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Saudi Aramco shares zoomed higher, turning the massive state oil producer into the world's first $2 trillion company and achieving the valuation long sought by Crown Prince Mohammed bin Salman

The stock gained 10% for a second consecutive day, reaching 38.70 riyals per share before giving up some of its gains.

The $2 trillion valuation was a priority for the crown prince ever since he first touted the partial privatization in 2016, but many analysts considered the figure a stretch despite Aramco's monopoly on oil production in Saudi Arabia, the world's largest exporter of crude. "Aramco could trade in a league of its own for some time, but the stock market is a weighing machine in the long term and the laws of economic gravity will eventually apply," said the Bernstein analysts. They recommended that investors sell Aramco shares now.International skepticism over the valuation, combined with low oil prices, the climate crisis and geopolitical risk, forced Saudi Arabia to scale back its initial ambitions for the flotation.

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