The Saudi Aramco oil group dethroned Manzana from the top of the ranking of market capitalizations in the world on Wednesday, due to the skyrocketing of crude oil prices and the fall of technological values.
Saudi AramcoSaudi Arabia’s national hydrocarbons company, hit $2.43 trillion in value on Wednesday, according to Bloomberg figures, outpacing the maker of iPhones which fell to $2.71 trillion.
Technological companies have been suffering in the stock market due to the rise in rates in the United States.
The shares of the Saudi firm, which is listed on the Riyadh since the end of 2019, they closed at 45.50 rials, down 0.98% on the day but up 27% since the beginning of the year thanks to the rise in oil prices that favors energy companies.
In January, in the midst of a bullish cycle on Wall Street, Manzana It was the first company to exceed 3 billion dollars in market capitalization.
Since then the Nasdaq tech index has lost more than 25 percent.
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