Saudi Aramco hits record $2 trillion valuation on second day of trading, defying some skepticism about the state-owned oil firm’s long-term value by marwastweets DBarbuscia
) hit the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up a second day of gains, defying some scepticism about the state-owned oil firm’s long-term value.
While a 10% jump in the stock on its Wednesday market debut was hailed by the Saudi government as a vindication of it long-sought valuation, support was largely from loyal Saudi and Gulf investors, with some analysts saying it is worth less. An International Energy Agency report on Thursday pointed to pressure on oil prices, predicting a sharp rise in global inventories despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the U.S. and other non-OPEC countries.
Some 13.7 billion riyal worth of Aramco shares were traded by 1018 GMT, with around 370 million shares exchanging hands, Refinitiv data showed. This made up most of the total turnover of the whole Riyadh market which was 15.3 billion riyals.
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