DUBAI - Gulf markets fell sharply in early trade on Monday, led by Dubai and Kuwait, as investors panicked, reacting to oil price's more than 30% plunge after Saudi Arabia opened the taps in a price war with Russia.

Dubai's benchmark index was down almost 9%, Abu Dhabi index was down 7% and Kuwait's premier index fell 9.5% at 0607 GMT.

"We have low oil prices, low demand, and slowing world activity caused by the coronavirus. So, nothing could support the shares in today's trading," Mohamed Zidan, chief market strategist in ThinkMarkers.

(Reporting by Saeed Azhar and Alexander Cornwell; Editing by Himani Sarkar) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))