Apple is now worth more than the entire Russian stock market as shares in the American technology giant continue to skyrocket.
The stock extended gains on Friday jumping 1.2 per cent to $114.18 per share, propelling Apple's market capitalisation to a new record high of $669.65 billion.
Apple is riding a wave of optimism boosted by strong sales of the iPhone 6 Plus and its new line-up of well-received products and services, including its Apple Pay digital wallet and the Apple Watch, set to go on sale early 2015.
Meanwhile, Russian equities have fallen $234 billion to $531 billion this year, according to Bloomberg data, as Moscow grapples with Western economic sanctions over the on-ongoing crisis in Ukraine, a weak rouble and falling oil prices.
“Apple works with shareholders to maximise returns and is based where property is protected by law,” Vadim Bit-Avragim, a portfolio manager at Kapital Asset Management in Moscow, told Bloomberg.
“In Russia, the legislative protection for property is not as good, most state-run companies have poor corporate governance, resources are concentrated in state hands and borrowing costs are shooting up.
"After all this, when you get involved in conflicts with your neighbours, it becomes very hard to persuade investors from all over the world to invest here.”
Earlier this month, Russia slashed its long-term forecast by an annual average of 2.5 per cent to 2030, down from an earlier forecast of 4.3 per cent in April.
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