By: Mohamad Farouk
Mubasher: Al Imtiaz Investment Group’s stock was the most actively-traded stock on Boursa Kuwait on Thursday in terms of volume, with 10.51 million shares were exchanged, through 271 transactions, generating KWD 1.57 million.
By 11:03 am Kuwait time, despite leading the trading activities, the stock tumbled 5.03% or 5 fils to 151 fils, registering its lowest level during eight months.
Dividends’ distributions were expected to surpass 7%, as they seem not suitable with the group’s profits and the tenders they won during 2017, capital market analyst Nasser Al Khamis told Mubasher.
The Kuwaiti investment firm posted most of its profits due to the sale of its stake in Human Soft, whereas Q4-17 reflects losses that led to few distributions, capital market analyst Badar Al Badr told Mubasher.
Al Imtiaz’s stock remained unchanged and recovered from 146 fils, analyst Ahmed Almosalam said, concluding that the stock’s current resistance level is at 160 and it is recommended to be sold.
On Wednesday, the company revealed turning to losses in the fourth quarter of 2017 after suffering KWD 2.9 million ($9.7 million), against KWD 6.7 million ($22.3 million) profits in the same period in the year before.
During 2017, Al Imtiaz posted KWD 30.85 million profits, up 124.7% from KWD 13.73 million a year earlier.
Translated by: Mohamed Hesham Azab
