Indices of the Egyptian Exchange (EGX) closed on mixed performance on Tuesday, as the market capitalization added EGP174.5 million ($22.9 million) backed by the buying spree of Local institutions for second day in row.

The benchmark index EGX30 inched up by 0.20% or 19 points to end at 9475.27 points.

"The benchmark rebounded during the last two sessions at a correction movement, but it's seen to move downside in the short run," said Mohamed Ismail, technical analysis at Golden Hand Securities Brokerage.

"It is remarkable that the market is currently witnessing weak purchasing power accompanied by lackluster trades," added Ismail

"A selling power had emerged near secondary resistance level of 9500 points , which in its turn has halted the benchmark further rebound ," noted Ismail

The analyst believes the benchmark will resume downside trend , where it targets support levels of 9250 and 9000 points ,adding that this trend will continue as long as the benchmark is still moving below the major support level of 9650 points.

The EGX70, which measures small and mid-cap stocks, went down 0.49% to 562.41 points and the broader index lost 0.18% at 1124.5 points.

Tuesday’s turnover amounted to EGP551.6 million, while traded volume reached approx. 89.4 million shares sealed through 19.4 thousands transactions.

Local traders were net buyers by EGP50 million, while foreign and Arab traders ended as net sellers by EGP32.8 million and EGP17.2 million respectively.

Meanwhile, retail traders were net sellers; while institutions were net buyers particularly the local ones.