Saudi Aramco shares extended a losing streak to a third day on Thursday, shedding much of their initial gains seen after a blockbuster initial public offering as investors take profits.
The share price of the world's largest publicly listed company dipped 3.3 per cent from Wednesday and ended the Sunday to Thursday trading week 3.5 per cent lower, as investors opted to collect profits.
The company share price closed Thursday at 35.50 riyals (USD 9.5), down from last week's closing of 36.80 riyals and way below its highest price of 38.00 riyals reached on Monday.
The energy giant was listed on the Saudi Stock Exchange Tadawul on December 11 following the largest ever initial public offering, in which the company raised USD 25.6 billion after selling 1.5 per cent of its stocks.
Aramco shares surged almost 19 per cent on the first four days of trading, with its valuation surpassing the USD 2 trillion mark sought by de facto Saudi ruler Crown Prince Mohammed bin Salman when he floated the IPO almost four years ago.
But in the following three days, the company dropped 6.6 per cent and lost some USD 133 billion of its market value, which now stands at USD 1.89 trillion -- still the world's largest.
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