FirstFT: Saudi Aramco becomes world’s most valuable company

FirstFT: Saudi Aramco becomes world’s most valuable company

Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record levels, while a broader tech stock sell-off weighs on the iPhone maker.

The Saudi Arabian oil company’s market capitalisation on Wednesday was $2.426tn, exceeding Apple’s $2.415tn by just over $10bn.

It is the first time that Saudi Aramco has regained the top spot since 2020 and follows a broader sell-off in technology stocks since the start of the year.

Apple became the first company to hit a $3tn market cap in early January, although its shares have suffered in recent months as investors reassess lofty valuations in the tech sector in light of a reversal in monetary policy and worries that inflation will weaken consumers’ spending habits.

Thanks for reading FirstFT Asia. Here’s the rest of the day’s news — Emily.

Coronavirus news digest

1. Hong Kong’s Cardinal Zen arrested under national security law Hong Kong police have arrested the Chinese territory’s former most senior Roman Catholic cleric, Cardinal Joseph Zen, and three other high-profile pro-democracy activists.

2. US inflation stays at 40-year high US consumer prices rose at an annual pace of 8.3 per cent last month, more than economists’ expectations