(MENAFN - Daily News Egypt) Egypt's stocks are expected to move sideways in the short term, with higher interest rates and Ramadan season likely to weigh on local investors' sentiment, while foreign investors could extend a buying streak, hunting for cheap prices. Foreigners were net buyers of Egypt's stocks last week, with their net investment hitting EGP 336m. 'In the short term, Egypt's stocks are expected to move sideways during Ramadan. If Egyptian investors decide to sell off their stocks, foreigners are expected to extend their hunting for the cheap prices,' Ghareeb added. 'The index is expected to hover around 12,850-13,100 points during the session of this week," Ghareeb expected.

Source: Daily News Egypt May 28, 2017 17:26 UTC