The stock gained 10% for a second consecutive day, reaching 38.70 riyals per share before giving up some of its gains.Saudi Aramco has gained roughly $300 billion in value since its shares debuted on the Riyadh stock exchange on Monday in the biggest initial public offering on record. It's by far the most valuable company in the world, dwarfing runner up Apple, which is worth around $1.2 trillion.The vast majority of buyers for the stock are in Saudi Arabia.
"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.The long road to an IPOInternational 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.
All that wealth for one entity means many are suffering.
Would you say Trump bought some of those shares way back insidertrading
Earn that money from oil while you can because cars are going electric to keep the world from the hands of people like the Saudis
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »