São Paulo – Saudi Arabia’s state-owned major Saudi Aramco, the world’s largest oil-exporting company, surpassed Apple’s market value to become the world’s most valuable company, The National reported on Thursday (12).
Aramco shares closed nearly 1% lower at SAR 45.50 (USD 12.13) on Wednesday (11) giving the company a market value of SAR 9.10 (USD 2.43 trillion). Whereas Apple shares dropped about 5.2% to USD 146.5 a share at the close of trading giving the iPhone maker a market value of USD 2.37 trillion.
According to The National, Aramco’s shares have jumped almost 30% since January 2, while the United States-based technology major’s shares have dropped nearly 20% since the start of the year.
Earlier this week, Aramco surpassed Apple’s market valuation for a brief period. The National reported that Aramco’s market value has been helped by the technology sell-off and the surge in prices.
Translated by Guilherme Miranda
