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.
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.
Microsoft stands at the third position with a market value of $1.978 trillion.