Most stock markets in the Gulf fell on Monday after oil prices sank to new lows and Dubai's index dropped as investors dumped shares in Emaar Properties, which had gone ex-dividend. Dubai's bourse fell 3.3 percent to 4,031 points and Emaar tumbled 7.0 percent late in the session to 8.32 dirhams; both hit five-month lows. -- Egypt extends gains on positive news flow While there was no fundamental reason for such a steep drop by Dubai's biggest listed property firm, the most likely explanation was a sell-off by investors who had held it for a dividend payout, said Shakeel Sarwar, head of asset management at Securities & Investment Co in Bahrain. The record date for Emaar's special 1.257 dirham dividend was November 30 and the stock has since plunged 21.5 percent. It has major technical support at 7.95 dirhams, the June low.