CAIRO, Aug 25 (Aswat Masriya) - The Egyptian stock market moved upwards on Tuesday, for the first time after nine consecutive retreats amid heavy losses across global markets and fears of an economic slowdown. 

The benchmark index EGX 30 closed at 2.75 percent, climbing up to 6,836.95 points. 

Mohamed el-Nagar, the head of technical analysis at El Marwa Brokerage, attributed EGX 30's upward movement to the rise in the stock of private sector bank, Commercial International Bank (CIB), "which foreign [traders] are keen on."

CIB's stock closed at 5.75 percent on Tuesday after the Egyptian state's central bank approved of its acquisition of Citibank Egypt's retail and card businesses, earlier on Tuesday. 

Egyptian traders have leaned towards selling, while Egyptian and foreign financial institutions made net purchases. Nagar said earlier on Tuesday he expected Egyptian traders to buy once EGX 30 breaks the 6,800 point mark. 

The upward motion of Egypt's market comes as a much needed recovery after a steep drop over the past nine sessions. 

On Sunday alone, EGX 30 fell sharply by 5.42 percent and on Monday, a further slide brought EGX 30 to its lowest point since December 2013. 

Analysts told Aswat Masriya that the Egyptian market's decline came within the context of the retreating markets in the region and further away in America and Europe. 

On Friday, American crude slipped further below the $40 mark per barrel. 

Yet, analysts have also pointed out that internal factors, coinciding with the global ones, are also weighing down the market. 

Ayman Hamed, the Managing Director and Chief Executive Officer of Naeem Brokerage Egypt told Aswat Masriya last week that the "Egyptian economy is in a critical situation."

He believes the government must work hard to resolve issues facing investors to attract Arab and foreign investors to provide inflows of hard currencies.