Since the Indus script has not been deciphered and even the language it represents is not yet known(*), there is no clear understanding of the script or how it works. Given the number of signs used (perhaps somewhere between 375 and 425), it is likely to be a “mixed” script with some phonemes (sound signs) and some ideograms (meaning signs) just like Egyptian hieroglyphs.
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There is certainly no connection at all between Egyptian writing and the Indus script, which appears to have developed about 500 to 1,000 years later than Egyptian writing.
* Some scholars think that the language is an ancient form of Dravidian spoken in India long before Sanskrit, but there is no firm evidence for this.