
The index is 85-90% just EMAAR (and its subsidiary) stock. Shares in the company are based on profits of future sales, nothing to do with properties in the market.
Side note, zoom out a bit and it's a correction on an over-extension.
Finally, it's priced based on book value of its net assets. Safe to say that the floor on the index (basically an Emaar equity wrapper) isn't far.



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