Wataniya Mobile’s shares in Palestine on a losing streak
Wataniya Mobile’s share price on the Palestine Stock Exchange has dropped below $1 following the company’s entry into the Gaza Strip market.
GAZA CITY, Gaza Strip — Wataniya Mobile’s share price fell below $1 on the Palestine Stock Exchange at the end of November. This drop came after the Palestinian cellular provider started operating in Gaza on Oct. 24 amid expectations that it would make a healthy profit when competing with Jawwal, the telecom provider that has monopolized the Gazan market for two decades.
Wataniya Mobile’s stock price had witnessed a rally during the second quarter of 2017, and it reached $1.37 on Oct. 12, a record high since the end of 2011.
The company, however, is still operating at a loss, and its share price is on a losing streak. This led analysts and economists to believe that Wataniya’s entry to Gaza would only lead to further losses amid the promotional approach it adopted and the services it is offering.
Riyad Shaheen told Al-Monitor, “When Wataniya announced the launch of its services, it offered us the chance to keep the same Jawwal number we have for free, which encouraged me to try out its services for a change.”
