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27-04-23

Saudi Aramco Briefly Overtakes Microsoft as World's Second-Largest Company by Value

(MENAFN) Saudi Arabian Oil Co., also known as Saudi Aramco, briefly surpassed tech giant Microsoft to become the world's second-largest company by value with SR7.92 trillion (USD2.11 trillion) as its stock prices reached SR36.15 on Wednesday. However, by the end of the trading day, the share price had dropped to SR36, the same value as at the market opening. As of 1:45 p.m. GMT, the US firm had climbed back into second place with a value of USD2.19 trillion, while Apple still held the top spot with a market capitalization of nearly USD2.6 trillion. The stock moves by Saudi Aramco came just a few days after Crown Prince Mohammed bin Salman announced that the energy giant would transfer 4 percent of its shares to Sanabil Investment Co., which the Public Investment Fund wholly owns.

Meanwhile, Saudi Arabia's Tadawul All Share Index closed in the green for the sixth consecutive session on Wednesday, going up by 42.11 points or 0.37 percent, driven by rising investor confidence due to favorable market conditions. The parallel market Nomu edged down by 26.05 points or 0.12 percent to 21,325.92, while the MSCI Tadawul 30 Index rose 0.18 percent to 1,524.22. The total trading turnover of the benchmark index was SR6.88 billion.

National Co. for Learning and Education was the top performer, with its shares going up by 9.90 percent to SR115.40. Other top performers were Saudi Advanced Industries Co. and Raydan Food Co., whose shares increased by 7.90 percent and 6.45 percent, respectively. The worst performer on Wednesday was Electrical Industries Co., with its share prices dropping by 2.70 percent to close at SR39.60. Other losers of the day were Saudi Marketing Co. and Arab National Bank, with their shares dipping by 2.65 percent and 2.40 percent, respectively.

Furthermore, shares of Saudi Lime Industries Co. will begin trading on Nomu on April 27. Tadawul announced that the upper and lower limits of the daily and static fluctuation of the company's shares would be 30 percent and 10 percent, respectively. Saudi Aramco's brief overtaking of Microsoft as the world's second-largest company by value reflects the company's growing prominence and importance in the global economy amid favorable market conditions.
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