Dubai's index slumps to a seven-week closing low and Abu Dhabi also falls as escalating violence in the Middle East spurs investors to reduce risk.
Israel bombed dozens of suspected guerrilla sites on the Gaza Strip on Monday, while Palestinian rocket fire from the enclave waned as international efforts to broker a truce intensified in the sixth day of clashes.
Investors fear the Israeli-Palestinian conflict may draw in other countries and possibly disrupt energy exports from the region, which supplies more than a third of the world's crude, driving oil prices higher.
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