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Saudi Aramco Rise For Second Day, Touches $2T Valuation

Published 12/12/2019, 11:38 PM
© Reuters.

Investing.com - Saudi Aramco (SE:2222) shares rose for a second day, pushing the company’s valuation above $2 trillion.

The stock rose 4.6% on Thursday after surging as much as 10%, the daily limit, earlier in the day. It closed 10% higher on Wednesday.

A $2 trillion valuation for the company has long been sought by Saudi Arabia’s Crown Prince Mohammed bin Salman.

“We were expecting this IPO to be a blockbuster, and the performance in the past two days shows that was the case,” said Vijay Valecha, chief investment officer at Century Financial Consultancy LLC in Dubai, in a Bloomberg report.

“From the appetite we see for the stock, there is room for it to climb another 10% to 18% next week.”

Aramco (SE:2222) raised $25.6 billion in its IPO, which is the biggest offering in history, and overtook Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) as the most valuable listed company.

Latest comments

buying the Saudi's trash. we all know oil will be worthless in about 10 years time why do you think they are so eager to sell their crown jewel?
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