Apple has achieved another milestone by touching a high of $624 billion in market capitalization following a rise in its share value.The figure of $624 billion is higher than the earlier record set by software giant, Microsoft Corp in 1999, according to data provided by S&P Dow Jones Indices. Microsoft was valued at $620.8 billion at that time during the peak days of the internet boom.

Apples shares rose to a new high after seeing a four month long decline due to optimism over the launch of the iPhone 5, the latest version of the company's popular smartphone and also a smaller, iPad tablet computer. The iPhone is the company's flagship product and it accounts for more than half of its sales.

Apple has been the most valuable company in the words since it surpassed Exxon Mobil Corp. during the previous year. The shares of the company closed at $665.15 on Monday, which is higher than Friday's close. The stock has risen almost 9 per cent during the month as investors eagerly wait for the launch of on September 12.