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Saudi Aramco surges on second day of listing
[RIYADH] Energy giant Saudi Aramco's share price surged on Thursday, the day after its market debut, briefly raising the company's worth to a US$2 trillion milestone before falling back.
Shares of Aramco, now the world's largest publicly listed company, gained the maximum 10 per cent seconds after trading opened on the Saudi Stock Exchange Tadawul before retreating.
Following the initial surge, the price fluctuated heavily but the company's valuation stayed below the $2 trillion mark which had been sought by the kingdom's de facto ruler, Crown Prince Mohammed bin Salman.
After 20 minutes, Aramco shares were trading at 37.10 riyals(S$13.41), up 5.3 per cent.
On its market debut on Wednesday after the world's biggest ever IPO, Aramco shares had also surged by the maximum permitted daily rise of 10 per cent, raising the company's valuation to US$1.88 trillion.
Trading on the Tadawul stock exchange closes at 1200 GMT.