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

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Aramco market value tops $2 trillionThe share price of Saudi Aramco jumps further on Thursday, December 12, pushing the energy giant's market value above $2 trillion.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Saudi Aramco market value tops $2 trillionThe share price of Saudi Aramco jumps further on Thursday, December 12, pushing the energy giant's market value above $2 trillion.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Climate change could wipe $2.3 trillion off global stocksPolicies designed to combat climate change could permanently slash the value of companies around the world by up to $2.3 trillion.
Source: CNN Philippines - 🏆 13. / 63 Read more »