Israeli Stocks Lead Advance Across Mideast Markets: Inside EM

(Bloomberg) -- Israeli stocks were set for the biggest gain since August 2015 as all members of its main index advanced.

Teva Pharmaceutical Industries led the increase, followed by Perrigo. Elbit Systems added as much as 3.3 percent after winning a military contract.

Saudi Arabian stocks were the Middle Eastern region’s second-biggest gainers, closing with the steepest advance in a month, after Al Rajhi Bank said it plans to increase capital by 8.75 billion riyals ($2.3 billion) through bonus shares. The lender’s shares closed at the highest since 2008.

Israeli Stocks Lead Advance Across Mideast Markets: Inside EM
HIGHLIGHTS
  • Brent crude gained 2% on Friday to 57.06/bbl, highest since Dec. 19, following OPEC cuts
  • Al Rajhi proposed 2.25 riyals per share dividend for the second half of 2018

MIDDLE EASTERN MARKETS:

  • Israel’s TA-35 Index rises to highest since Dec. 20
  • Saudi Arabia’s Tadawul All Share Index ends session up 1.3%
    • Al Rajhi advances 5.1%; Saudi Basic Industries +1.4%; Almarai +5%
    • Safco -0.5% after ammonia plant closed for maintenance; Jabal Omar falls 1.5% to lowest since 2014
  • Dubai’s DFM General Index gains 0.2%, Abu Dhabi’s ADX General Index +0.1%
    • Dubai Investments rises 0.8% after saying its 460m dirham Fujairah Business Centre project is 20.5% complete
  • In Egypt, the EGX30 Index advances 0.6%
    • Global Telecom Holding up 1.6% after losing as much as 1.1%
      • READ: Global Telecom Plans to Raise EGP11.2B in Rights Issue in 1H

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