Most of the Middle East markets were led lower by Dubai on Monday since profits were booked by investors from the previous day's two-week high. Along with this, a warning came from analyst regarding further declines, even when Saudi Arabia was buoyant as oil prices spiked.

A 14-month closing high was achieved by Saudi Basic Industries Corp (SABIC) following oil prices reached their highest level since late October. This supported the index in making slight gains for a third day.

A plunge by 2.6 percent was seen in Dubai's index, while benchmark for Kuwait plummeted 1.6 percent in its biggest one-day loss for five weeks. Meanwhile, Qatar's bourse sank for the fourth session in five. Though a rise came in for Egypt, Oman and Bahrain witnessed a fall.

Haissam Arabi, chief executive and manager at Gulfmena Alternative Investments in Dubai, said, "The market had been going up for a few days before the year-end so it's natural to see some profit taking."

Sadly for real estate major Emaar Properties, the stock price fell 3.4 percent quite well before the official opening of Burj Dubai, the world's tallest structure.

Even when the firm saw its shares climbing nearly 8 pct the day before, traders were not much impressed by the firm saying it would make a 10 percent return on the tower.

While some analysts raised concerns in regard to Monday's relatively large volume, Dubai's loss was its largest for nearly two weeks.

A hike by 3.3% was seen in SABIC, Saudi Arabia, after oil climbed over 2 percent intraday to above $81 a barrel, its highest level since October 26.