Most Gulf stock markets traded lower on Monday, driven down by banks, on heightened fears that the global coronavirus shutdown could last months.

More than 720,000 people have been infected by the coronavirus across the world and nearly 34,000 have died, according to a Reuters tally.

In Abu Dhabi, the index retreated 2%, as top lender First Abu Dhabi Bank slid 3.7%, while Abu Dhabi Commercial Bank declined 3.3%.

Dubai's main share index dropped 1.1%, with its largest lender Emirates NBD losing 1.4% and Dubai Islamic Bank easing 0.8%.

On Saturday, the United Arab Emirates, which reported 570 infections, extended a nightly curfew to April 5.

Dubai, the region's business and tourism hub and a major air transit centre, announced more incentives to protect an economy which has been hit hard by global travel disruptions and the closure of most public venues in the UAE.

In Qatar, which recorded its first death from the infection over the weekend, the index fell 0.9%. Qatar Islamic Bank lost 1.8% and Qatar National Bank, the Gulf's largest lender, was down 1%.

The Gulf state on Saturday reported its first virus-related death, a Bangladeshi resident. The majority of the 634 cases in Qatar are among migrant labourers, where foreigners make up most of the work force.

Saudi Arabia's benchmark index, however, traded flat. Arab National Bank gained 2.4%, while Saudi Arabia Fertilizers was down 1.9%.

The kingdom halted entry and exit into Jeddah on Sunday, expanding lockdown rules as it reported four new coronavirus deaths.

 

(Reporting by Ateeq Shariff in Bengaluru; editing by Nick Macfie) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))