Saudi Aramco has replaced Apple as the world's most valuable company, according to the news agency AFP. Saudi Aramco is the Saudi Arabian national petroleum and natural gas company.
The company was billed as the largest oil-producing company in the world after a surge in oil prices drove up its shares and tech stocks slumped. The Dhahran headquartered firm's share rose to 46.20 riyals on Wednesday. It was valued at $2.42 trillion (9.24 trillion riyals) based on the price of its shares at the close of the market.
Wall Street fell on Wednesday again amid concern over the latest US inflation data. The Dow Jones Industrial Average fell 326.63 points (1.02%) to 31,834.11. The tech-heavy stock index Nasdaq Composite dropped 3.18% to close at 11,364.24 and the S&P 500 slipped 1.65% to 3,935.18.
Apple's share price yesterday declined by more than 5 per cent to close at $146.50. The tech giant has seen its share price drop over the past month and was valued at $2.37 trillion when official trading ended on Wednesday.
Apple's sinking share price came despite the iPhone maker reporting better-than-expected profits in the first quarter of the current fiscal.
Another American multinational technology corporation, Microsoft, is in the third position in terms of market capitalization in the world. It is followed by Google's parent company Alphabet.
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