Stock markets in the Gulf ended lower on Monday after oil prices fell amid concern that US storage facilities will soon be full as the novel coronavirus pandemic destroys demand. Brent oil futures sank 3.3% to $27.2 a barrel.

Saudi Arabia's benchmark index fell 1.2%, pressured by a 2.1% fall in Al Rajhi Bank and a 3.3% drop in petrochemical company Saudi Basic Industries. The Saudi government sold to local banks only a small part of $7 billion of bonds issued last week amid fears of a liquidity squeeze caused by the oil prices, Reuters reported, citing three sources.

In Dubai, the index dropped 1.4%, with developer Emaar Properties losing 2.4%, while sharia-compliant lender Dubai Islamic Bank was down 1.2%. Elsewhere, Emirates NBD closed 0.6% down after sliding as much as 3.2% during the session.

The bank reported a net profit of 2.08 billion dirhams ($566.33 million) for the first three months of 2020, down 24% from the same period a year earlier. On a quarterly basis, however, net profit improved by 3%.

The drop in net profit was caused by higher provisions the bank took in anticipation of the impact of the coronavirus outbreak on credit conditions. The Abu Dhabi index tumbled 2.8%, led by a 4.7% fall in the country's largest bank, First Abu Dhabi Bank.

In the six-nation Gulf Cooperation Council, the number of coronavirus cases has risen over 26,600. More than 160 people have died. In Qatar, the index lost 2%, as 18 of 20 stocks on the index fell. Qatar National Bank sank 4.2%, while Qatar Electricity and Water was down 1.7% despite reporting a higher first-quarter profit. Egypt was close for a public holiday.