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The Greek surprise hits Dubai’s investors

Stock exchanges worldwide tumbled Tuesaday as Greece's Prime Minister surprised markets with his intention to hold a refenrendum over whether his country shall accept a 50% cut of its debt, proposed by the EU, on the condition of tough austerity measures. The DFM General Index closed 1.80% lower at 1,382.71 points, whereas only two shares gained, while 23 lost value and two closed even. Emaar fell 2.88% to Dhs2.70, while banking bellwether Emirates NBD dived 4.39% to Dhs3.27. Dubai Refreshments closed 2.86% higher at Dhs10.80. Trading volumes declined the third day straight, as 59.5m shares were traded, valued at Dhs80.5m.