Most stock markets in the Gulf traded lower on Thursday as emergency central bank measures in the region failed to halt panic selling, though Saudi Arabia bucked the trend.

Gulf banks are losing out on a critical earnings quarter with the coronavirus outbreak, as deals and lending activity come to a near standstill ahead of a lull that starts with the fasting month of Ramadan in April and extends into summer.

So far, the region has reported over 1,200 cases of the virus with Bahrain recording the Gulf Cooperation Council's (GCC) first death from the disease.

Dubai's main share index dropped 1.6%, driven by a 4.9% fall in Emirates NBD Bank and a 1% decrease in Dubai Islamic Bank.

Elsewhere, the United Arab Emirates' (UAE) only listed airline Air Arabia slid 4.7%, as the stock traded ex-dividend, bringing year-to-date losses to over 37%.

The UAE imposed sweeping entry restrictions meant to curb the coronavirus, barring residents currently outside the country from returning for at least two weeks and pausing issuance of new work permits and visas on arrival.

In Abu Dhabi, the index lost 1.9%, with the country's largest lender First Abu Dhabi Bank declining 4% and Abu Dhabi Commercial Bank falling 2%.

The latter on Wednesday said it will introduce a wide range of measures from April 2 to help over 1.2 million retail and thousands of small-and-medium business customers.

The Qatari index fell 1.7%. Masraf Al Rayan plunged 7.5% to become top loser on the index, as the lender traded ex-dividend.

Saudi Arabia's benchmark index gained 1.6%, extending gains for a third session. Al Rajhi Bank added 1.7%, while oil giant Saudi Aramco was up 1.4%.

Saudi Arabia's Energy Ministry said on Wednesday it had directed national oil company Saudi Aramco to keep supplying crude oil at a record rate of 12.3 million barrels per day (bpd) over the coming months.

Brent crude was up $1.06 cents, or 4.3% at $25.94 a barrel by 0730 GMT, having earlier surged as high as $27.19.

($1 = 3.7512 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew Cawthorne) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))