#Saudi Aramco slumps 10% from peak on mounting Mideast jitters | Financial Times

Saudi Aramco slumps 10% from peak on mounting Mideast jitters | Financial Times:

Saudi Aramco shares have dropped more than 10 per cent from their peak as the Kingdom’s markets have been hit by growing jitters over the deteriorating situation in the Middle East following the US assassination of a top Iranian military commander.

The state oil company’s shares fell 1 per cent on Monday following a 1.7 per cent fall on Sunday. The slump has left Aramco’s shares trading at 34.2 riyal, the lowest level since the group floated on Saudi Arabia’s stock bourse last month.

Saudi Aramco shares popped as high at 38.7 riyal on December 12, its second day of trading, briefly giving the sprawling energy group a valuation above the $2tn mark that had been sought by Crown Prince Mohammed bin Salman. While the shares remain above the 32 riyal flotation price, they are off 12 per cent from their mid-December high. This gives the company a valuation of $1.8tn.