This paper attempts to fill this void by investigating the random walk hypothesis and weak-form efficiency using the variance-ratio and the runs tests. These procedures are robust and have been widely used in the international academic literature (Butler and Malikah, 1992; Urrutia, 1995; Grieb and Reyes, 1999; Ojah and Karamera, 1999; Abeysekera, 2001; Moustafa, 2004).