The Financial Times of the United Kingdom has published the ranking of the Global Fortune 500 companies, with PetroChina surpassing Exxon Mobil of the United States for the first time, becoming the largest company by market value in the world. Five Singaporean companies made the list, namely Singtel, Olam International, DBS Bank, UOB, and OCBC Bank.
The 2010 FT Global 500 ranking is arranged by market capitalization and serves as an annual "snapshot" of the largest companies in the world. This year, the total market value of the 500 listed companies reached $23.5 trillion, a growth of 50.6% compared to last year's total market value of $15.6 trillion, indicating a recovery trend in the stock market over the year.
Singtel, with a market capitalization of $36.1249 billion, ranked 200th, making it the highest-valued local company, although its position slipped from 158th in 2009. Olam International and DBS Bank saw improvements in their rankings, with Olam International moving up from 376th in 2009 to 244th, and DBS Bank rising from 395th to 334th.
UOB and OCBC Bank ranked 378th and 387th, respectively. Both banks did not make the list in 2009.
