Few well-known names were among the list of investors with stakes of 5% or more in firms listed on the Tadawul, which was published yesterday to boost transparency. The market's response was significant, with a 1.6% rise amid improving in trading value, which reached SR5.3bn. On the Tadawul, prices for 110 firms rose, with only nine falling.
Government funds top the Tadawul's investor list, including the investment arm of the Saudi Finance ministry, which is estimated to own SR387.5bn of shares, representing 25% of the market value. The fund owns 70% of Sabic and Saudi telecom shares.
The Public Establishment for Retirement, a Saudi pension fund, was second on the list, with SR76bn of investments, including shares in Riyadh Bank and Al Rajhi Bank.
Sabic itself was the third biggest investor in Tadawul shares, with investments of SR49bn in Safco, Yansab and Kayan. Saudi billionaire, Prince Al Waleed Bin Talal topped the list of individual owners, with SR47.5bn worth of shares, including 90% in Kingdom Holding, as well as investments in banks and firms.
Businessman Suliman Al Rajhi owns investments worth SR32bn, including 25% of Al Rajhi, which is the largest Islamic bank in the region.
Saleh Al Rajhi followed with 14% of Al Rajhi Bank, while Maan Al Sanee owns 7% of Samba and Mohammed Al Issa 11% of Riyadh Bank and 5% of Saudi French Bank.
According to local dealers, speculators have sold much of their shares during the past two weeks, adversely affecting the market, which retreated by 65%.
Some of the speculators transferred the share ownership to other members of their family, in order to avoid their names appearing on the 5% shareholders list.
This extensive selling resulted in large numbers of shares becoming available, especially in the insurance, cement and transportation sectors, which are known for speculation.
Leading shares perfrmed well on Saturday, with seven firms hitting their maximum limit of 10%. Trading value reached SR543.6m. The banking sector saw a record jump, including Saudi Hollandi, which rose 7.8%, Saudi French up 3.4% and Al Rajhi up 1.2%.
The petrochemical sector saw big rises, including Al Lujjain up 9.8%, while Sabic rose slightly by 0.20%. Zain led the telecom sector, with a 5.6% rise to SR23.50, while Mobily was up 1.8% to SR42.25 and STC 0.39% to SR63.25.