Why is gain affected when the bypass capacitor is open?

Applied input signal at the base of the amplifier appears across the emitter resistor (RE) due to inter electrode capacitance so it should be bypassed the emitter resistor (RE) through the bypass capacitor (CB). unbypassed signal will be amplified (common emitter amplifier) and reverse back from the emitter to the collector through the base, amplified signal from the emitter to the collector (common emitter amplifier) is 1800 out of phase to the amplified signal from the base to the collector (common base amplifier), so reduced the gain.