Gulf markets plunge on oil price crash

DUBAI: Gulf markets fell sharply in early trade on Monday, led by Dubai and Kuwait, as investors panicked, reacting to oil price's more than 30 per cent plunge after Saudi Arabia opened the taps in a price war with Russia.

Dubai's benchmark index was down almost 9 per cent, Abu Dhabi index was down 7 per cent and Kuwait's premier index fell 9.5 per cent at 0607 GMT.

"We have low oil prices, low demand, and slowing world activity caused by the coronavirus. So, nothing could support the shares in today's trading," said Mohamed Zidan, chief market strategist in ThinkMarkers.