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Saudi Aramco overtook Apple as the world's most valuable company on Wednesday, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge that is throttling demand for technology stocks.
The FBM KLCI tumbled more than 1% when markets closed on Thursday (May 12) while Bursa Malaysia’s Technology index was worst hit among the bourse’s 30 gauges as forecast-beating US inflation dented world markets which are seen taking cue from anticipation of US interest rate hikes to fight rising consumer prices.
Saudi Aramco overtook Apple Inc as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an
Technology stocks hammered by cost of living crisis as Aramco is boosted by price of crude
Growth names have been taking a hit so far in 2022 as indicated in the S&P 500 Growth Index, which is down 18% for the year.