Egypt's stock market started Wednesday's trading session with a sharp drop that later stabilised to end on a moderate decline.

The Benchmark EGX30 index inched down 0.39 percent to register 7998 points.

Turnover of listed stock fell to LE884 million ($127 million) after exceeding LE1 billion ($143.6 million) for six consecutive sessions.

"The sharp drop at the start of the session was due to profit taking activity," Ashraf Abdel Aziz told Ahram Online.

Egyptian investors were net sellers at a value of LE51.9 million ($7.5 million) while Arab investors were net buyers at LE38.5 million ($5.5 million).

Only 59 stocks made gains while declining stocks reached 110.

Orascom Telecom Media and Technology Holding (OTMT) and Arab Cotton Ginning (ACG) saw the highest turnover at LE82.7 million ($11.8 million) and LE76.8 million ($11 million) respectively.

OTMT inched up 0.77 percent with its price sitting at LE1.31 ($0.19) per share while ACG rose 3.81 percent, its last price being LE6.35 ($0.91) per share.

In the financial services sector, Amer Group and Pioneers Holding dropped to LE1.42 ($0.2) per share (a 1.39 percent decline) and LE12.61 ($1.8) per share (a 2.4 percent decline) respectively.