Saudi Aramco falls below $2 trillion as stock declines for 2nd day
LONDON : Shares in Saudi Aramco dropped for a second day in a row a week after its record initial public offering, pushing its market value just below $2 trillion, the level sought by Crown Prince Mohammed bin Salman.
Shares fell as much as 2.5% to 36.80 riyals, before recovering a bit to trade at 37 riyals at 1:09 pm local time, giving the company a total value of $1.97 trillion. The stock was included in the MSCI Emerging Markets Index and the main local benchmark, the Tadawul All Share Index, on Wednesday.
A number of investors took the chance to sell a few of the shares bought in the IPO as Aramco entered the benchmarks, said Marwan Haddad, senior portfolio manager at Emirates NBD Asset Management.
