MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq

MIDEAST STOCKS-Weak oil, fears of prolonged lockdowns weigh on Mideast | Nasdaq:

Most bourses in the Middle East fell on Monday, weakened by a combination of lower oil prices and intensified fears that the global coronavirus shutdown could last for months.

Brent crude LCOc1, the international benchmark for oil prices, was down $1.92, or 7.7%, at $23.01 by 1027 GMT, after earlier dropping to $22.58, the lowest since November 2002.

In Abu Dhabi, the index .ADI sank 3.5%, with its top lender First Abu Dhabi Bank FAB.AD declining 5% and telecoms firm Etisalat ETISALAT.AD was down 3.1%.

Dubai's main share index .DFMGI eased 2.3%, led by a 4% fall in sharia Compliant lender Dubai Islamic Bank DISB.DU and a 4.1% drop in Emaar Properties EMAR.DU.

The United Arab Emirates on Saturday extended to April 5 a nightly curfew to combat the spread of coronavirus as neighbouring Qatar reported its first death from the disease.

The Qatari index .QSI was down 1.8%. Qatar Islamic Bank QISB.QA fell 3.3%, while Qatar National Bank QNBK.QA retreated 1.9%.