Opko Surge Boosts Israeli Shares on Otherwise Calm Day: Inside EM

(Bloomberg) -- Opko Health shares jumped the most on record, lifting Israel’s main index by the most in the Middle East.

The company’s stock soared after Chairman Phillip Frost agreed to pay a penalty of about $5.5 million to end a “potentially expensive” litigation by the U.S. Securities & Exchange Commission. Opko will pay a $100,000 penalty.

Other Middle East markets were subdued, with the volume of trades for most major indexes across the region below their 30-day averages.

HIGHLIGHTS
  • The MSCI Emerging Markets Index climbed 0.6%; its first weekly gain in December
  • Brent crude prices sank for a third week to close at $52.2/bbl. Oil has fallen all but two weeks since the beginning of October
  • Saudi stocks gain 0.8%; click here to read the four key takeaways from the kingdom’s government shake-up

MIDDLE EAST MARKETS:

  • Israel’s TA-35 climbs as much as 1.5%
    • Opko jumps 28%, most since the stock began trading in Tel Aviv in 2013
    • On Friday: Opko Health Volume Jumps More Than Seven Times 20 Day Average
  • In Riyadh, Saudi Basic Industries Corp’s 1.2% advance is the biggest contributor to the Tadawul All Share Index’s gain
  • Dubai’s DFM General Index adds less than 0.1%, Abu Dhabi’s ADX General Index declines 0.2%
  • Dana Gas climbs as much as 8.4%
    • READ: Dana Gets Additional Egypt Payments as It Plans More Exploration
    • Emaar Properties ends session up 0.3% after losing as much as 1.3%
  • Egypt’s EGX30 Index falls 0.3%

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