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

Abeer Abu Omar

31 Dec 2018, 09:56 AM IST

(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%
- READ: Egypt Forces Kill 40 Militants After Deadly Attack on Tourists
- Emaar Misr declines 0.9%; Emaar’s Talks With Egypt Over New Capital City Project Stall

To contact the reporter on this story: Abeer Abu Omar in Dubai at aabuomar@bloomberg.net

To contact the editor responsible for this story: Dana El Baltaji at delbaltaji@bloomberg.net