Dubai: After wide gyrations, Dubai index closed 1.5 per cent lower on Monday due to widespread panic across equities and crude oil.

The Dubai Financial Market (DFM) general index closed 1.44 per cent lower at 3,401.62, after moving in a wide range of 3,241.35 to 3,529.23. The index also moved into positive zone at one point.

The Abu Dhabi securities exchange general index closed 0.51 per cent lower at 4,264.80.

Elswehere in Europe, stocks opened more than 3 percent in the red after their Asian counterparts slumped to three-year lows as a three month-long rout in Chinese equities threatened to get out of hand.

Local indices had earlier plunged on Monday morning, joining the global carnage led by Chinese equities.

Early trade saw the general index falling 5.89 per cent to be at 3,248.06, while ADX index also fell 0.28 per cent per cent, at 4,437.15.

Chinese shares fell more than 6 per cent due to disappointment over weekend measures by the government failed to allay concerns on further slowdown in growth.