DUBAI: Gulf stock markets rebounded on Tuesday, tracking a bounce-back in Asian peers as speculation of coordinated stimulus from global central banks and governments calmed panic selling that struck global markets in the previous session.

Monday's sell-off followed a plunge in oil prices, triggered by Saudi Arabia's decision to slash prices and set plans for a dramatic increase in production next month after OPEC failed to gain Russia's backing for deeper output cuts.

Oil prices rose 8% on Tuesday after a 25% slump on Monday, the biggest one-day rout in nearly 30 years.

The Abu Dhabi index gained 4.3% in early trade, Dubai .DFMGI was up more than 5% and Kuwait's main index .BKP jumped 6%.

Kuwait's Jazeera Airways climbed 6.7%, while Air Arabia, the United Arab Emirates' only listed airline, gained more than 7% after Monday's 6.1% drop on Saudi Arabia's decision to suspend travel with the UAE.

Dubai's Emaar Properties rose 7.4%. Its hospitality unit will stop taking bookings at three of its Dubai hotels for over five months from March 15, Reuters reported on Monday, citing a company document, in a sign of the coronavirus impact on travel demand. 

(Reporting by Yousef Saba and Alexander Cornwell; Editing by Davide Barbuscia and Subhranshu Sahu) ((Yousef.Saba@thomsonreuters.com; +971562166204))