Citi joins Morgan Stanley to tell us that 2022 = bad for emerging markets: Emerging markets are in for a “double whammy” next year as central banks around the world hike interest rates and economic growth stalls, Citi’s EM chief has said, according to Reuters. “EM growth will suffer for a variety of reasons to do with weakening external demand growth, lower global trade growth, and the effects of further domestic monetary and fiscal tightening in many countries,” the bank’s head of emerging markets economics, David Lubin, wrote in a client note.

Retail investors are buying the dip in US stocks: Investors poured bns of USD in equity stocks when they dropped last week on the back of concerns over Omicron, the Financial Times reports. Buying the dip is typical for amateur retail investors, who earlier this year were also bullish when the Delta variant led to large sell-offs on the back of concerns over inflation.

ALSO- Didi’s New York listing is going the way of the Dodo: Shares of Chinese ride-hailing outfit DiDi plummeted more than 20% on Friday after the company announced plans to delist from the New York Stock Exchange and IPO in Hong Kong instead following pressure from Chinese regulators to abandon the US just five months after going public on the Nasdaq. The company has bled almost a third of its users after Beijing earlier this year banned app stores from featuring its platform as part of an ongoing regulatory crackdown on the firm. (Company statement | Reuters)

THE CLOSING BELL-

The EGX30 fell 0.9% on Thursday on turnover of EGP 1.11 bn (22.4% below the 90-day average). Foreign investors were net sellers. The index is up 4.4% YTD.

In the green: Rameda (+4.3%), Speed Medical (+1.2%) and GB Auto (+0.8%).

In the red: Fawry (-3.2%), Aspire Capital (-2.9%) and Pioneers Properties (-2.8%).