January 6, 2020 / 8:56 AM / 2 months ago

Saudi Aramco hits new low since trading began on Dec 11

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed

DUBAI (Reuters) - Saudi Aramco shares briefly hit 34.45 riyals ($9.18) in early trade, their lowest level since its shares began trading on December 11, following a record-setting initial public offering (IPO).

At 0706 GMT, Aramco shares were down 0.14% at 34.50 riyals.

They have lost almost 11% since hitting a high of 38.70 riyals.

The IPO was priced at 32 riyals per share, valuing Aramco at $1.7 trillion, making it the world’s most valuable company.

($1 = 3.7508 riyals)

Reporting by Saeed Azhar; editing by Jason Neely

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