Saudi Arabian oil company Aramco surpassed the iPhone maker as the world's most valuable public company on Wednesday when its shares made their debut on the Saudi stock exchange.
Some analysts said that the surge on the first day of trading suggests heavy buying from investors close to the crown prince to make the operation a hit.
The shares rose sharply in the first moment of trading Wednesday to hit the 10 per cent limit on stock price fluctuation allowed by Saudi regulators. That pushed the price to 35.2 riyals, or $13.67 a share, where it held until closing at 3 pm.
That was considered too high for many international investors, particularly as global oil prices are under pressure from rising production in other countries, particularly the United States, and amid a global push toward renewable energy. Still, Aramco remains an attractive investment locally. It was the most profitable company in the world last year, earning $US111 billion in net income
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