Oil giant Aramco regains top spot from Apple as tech rally fades
- Date: 15-Sep-2020
- Source: Gulf Business
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil giant Aramco regains top spot from Apple as tech rally fades
Saudi Aramco is once again the world's most valuable company after its market capitalisation rose a shade above Apple amid a slump in US technology shares.
The state oil giant's stock has gained 1.1 per cent in Riyadh this month, despite Brent crude dropping 12 per cent to below $40 a barrel as concerns about an acceleration in coronavirus infections mount.
Meanwhile, Apple has fallen nearly 17 per cent in September. That's almost taken the stock into bear-market territory - which is a 20 per cent drop from a recent peak - and the company's market value has declined to $1.9 trillion from $2.3 trillion.
Apple and Aramco are the only two companies to have achieved valuations of $2 trillion.
Aramco, the world's largest oil producer, peaked at just above