United Arab Emirates stock markets fell to their lowest closes in more than four years on Monday as negative sentiment from a slump in oil prices swept the Gulf region.

Property stocks led the declines with Emaar Properties tumbling 4.94 percent and Aldar Properties losing 8.08 percent.

Union Properties plunged 8.42 percent and closed at levels last seen more than four years ago, after it said it was seeking regulatory approval to issue up to Dh2.5 billion ($680.6 million) of convertible bonds to strategic investors.

Kuwait fell to its lowest close since May 2005, Oman ended at a 20-month low and Bahrain fell to its lowest close in almost four years.

"Negative news on oil prices is causing the continuation of the same downward trend," said Shahid Hameed, head of asset management, GCC, at Global Investment House.

"When oil prices fall to these levels, overall GDP growth expectations go down substantially."

Qatar bucked the trend for a second consecutive day, closing higher.

The worst-performing index in the Gulf Arab region this year, Dubai  dropped 3.91 percent to 1,732 points, its lowest close since Oct. 26, 2004.

Dubai Islamic Bank fell 8.53 percent and Arabtec drops 10 percent.  "Yesterday we saw a huge sell-off.

Negative sentiment across the board is pushing it down," said Mohammed Galal, head of foreign institutional sales and sales trading at Al Futtaim HC Securities in Dubai.

Abu Dhabi's benchmark slid 2.88 percent to 2,502 points, its worst finish since Nov. 2004. First Gulf Bank  dropped 9.25 percent and Etisalat lost 3 percent.

Muscat's benchmark fell 2.7 percent to 5,781 points its lowest close since April 16, 2007. The index has fallen more than 50 percent since hitting a life high on June 12.

Oman Cable Industries plunged 9.97 percent and Raysut Cement dropped 6.46 percent.

Kuwait index fell 2.18 percent to 8,211 points. Global Investment House fell 8.93 percent after starting debt restructuring talks with banks.

National Bank of Kuwait dropped 7.69 percent and Kuwait Finance House lost 6.33 percent.

Saudi Arabia's bourse closed 0.55 percent lower at 4,748 points. Sabic and Al Rajhi Bank eased 1.79 percent and 1.3 percent respectively.

The Qatar main index climbed 0.54 percent to 6,701 points. Commercial Bank of Qatar rose 3.27 percent and Industries Qatar added 1.49 percent.

The Bahrain benchmark slid 2.19 percent to 1,820 points, its lowest close since Jan. 6, 2005. Ahli United Bank retreated 4.55 percent.-Reuters