Riyadh — Saudi Aramco briefly led the list of largest companies by market capitalization on Tuesday with a market value of $2.464 trillion. Aramco surpassed US tech giant Apple Inc.’s value of $2.461 trillion.
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Shares of the Saudi oil giant hit their highest level at SR46.20 during early trading on Tuesday on the Saudi Exchange (Tadawul).
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Saudi Aramco’s stock price retreated slightly later in the day to trade at SR46.05. The reduced value means a market valuation of SR9.21 trillion.
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The company is now the second-largest firm by market cap after Apple with the latest share movement.
Saudi Aramco has constantly been hitting record highs, thanks to high oil prices that continue to soar.
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Microsoft stands at the third position with a market value of $1.978 trillion.
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