Aramco Falls Below $2 Trillion as Stock Declines for Second Day
(Bloomberg) -- Shares in Saudi Aramco (SE: 2222 ) dropped for a second day in a row a week after its record initial public offering, pushing its market value just below $2 trillion, the level sought by Crown Prince Mohammed bin Salman.
Shares fell as much as 2.5% to 36.80 riyals, before recovering a bit to trade at 37 riyals at 1:09 p.m. local time, giving the company a total value of $1.97 trillion. The stock was included in the MSCI Emerging Markets Index and the main local benchmark, the Tadawul All Share Index , on Wednesday.
A number of investors took the chance to sell a few of the shares bought in the IPO as Aramco (SE: 2222 ) entered the benchmarks, said Marwan Haddad, senior portfolio manager at Emirates NBD Asset Management.
Aramco (SE: 2222 ) finished lower for the first time on Tuesday, ending the session down 0.7%. However, investors are still sitting on a 15% gain from the IPO price.
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