Saudi Aramco crosses $2 trillion market valuation

Saudi Aramco, the world’s most profitable company and controlled by the Saudi Royal family, crossed $2 trillion mark in market value on second day of trading after its shares surged as much as 9.94 percent to hit an intraday high of 38.7 Saudi Riyals on Thursday.

The Saudi Crown Prince Mohammed bin Salman has made Aramco’s initial public offering (IPO) the centrepiece of his vision of diversifying the Kingdom’s economy away from its dependence on oil.

The Kingdom will use $25.6 billion raised in the primary offering to develop other sectors.

Since its trading debut on Wednesday, Aramco’s share price has already soared 20.6 percent.

Aramco shares will also join the Tadawul benchmark and other global benchmarks such as MSCI and FTSE next week, which analysts said should fuel further demand, particularly from “passive” investors who track such indexes.

The stock that listed for 32 Saudi Riyals ended 4.83 percent higher at 36.90.