Saudi Aramco shares hit lowest level since initial public offering (IPO)

Saudi Aramco Shares touched 34.45 riyals ($ 9.18) for a brief period in Monday's transactions, recording the lowest levels since it began trading on December 11, after an initial public offering (IPO) broke records.

At 07:06 GMT, "Aramco" shares were down 0.14% at 34.50 riyals.

The stock has lost 11% since registering a peak of 38.70 riyals.

The initial offering price was 32 riyals per share, valuing Aramco at $ 1.7 trillion, which makes it the most valuable company in the world.

The market value of the government-owned Saudi company reached more than $ 2 trillion in the first half of last December.

The largest oil company shares rose to the maximum allowed for the IPO price for the first time in the Riyadh stock market.

According to Newsweek, oil market experts and observers have expressed their fear that Iran might launch new attacks on oil infrastructure in Saudi Arabia in response to the assassination of one of its most prominent generals, Qasim Soleimani, warning that any new escalation in the Middle East will lead to high oil prices.