Saudi Aramco becames the world’s most valuable company. According to FactSet (an American financial data and software company based in Connecticut, US), the market valuation of Saudi Arabia’s state-owned oil company – Saudi Aramco is currently nearly $2.43 trillion.
Meanwhile, Apple’s figure is $ 2.37 trillion because Apple shares fell more than 5% on May 11.
Recently, the price of energy stocks has increased because investors sell off shares in several industries, including technology, due to concerns about the deteriorating economic environment. Apple’s stock price has fallen nearly 20% since its peak of $182.94 on Jan 4.
Meanwhile, year-to-date, the price of Saudi Aramco shares are up more than 27%. In March, the oil giant reported that its profit in the last year is more than doubled due to soaring oil prices.
With oil company Aramco becoming the most valuable company in the world, it shows how markets are changing as the global economy grapples with rising interest rates, inflation, and energy supply chain issues, according to market analysts.