DUBAI: Most Gulf stock markets closed either flat or lower on Tuesday as oil prices remained volatile

and local companies delivered no positive fourth-quarter earnings surprises.

Brent crude oil fell in early trade on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015, implying lower demand for fuel.

However, the commodity's price rose above $49 per barrel later in the day, supporting Saudi Arabia's bourse which, unlike other Gulf markets, was still open.

The main Tadawul All-Share Index was nearly flat as petrochemicals giant Saudi Basic Industries Corp., whose earnings are correlated with oil prices, rose 0.9 percent. The index closed at 8,484 points.

But shares in Saudi Telecom Co. (STC) tumbled 5.2 percent. The company's fourth-quarter net profit slumped 32.6 percent to SR2.44 billion ($650 million), missing analysts' average forecast of 3.32 billion riyals.

Another stock in the sector, Etihad Etisalat (Mobily), fell 3.6 percent while the third major local operator, Zain Saudi, was flat.

Most other Gulf markets pulled back. Dubai's index slipped 0.4 percent as most stocks declined. However, low-cost carrier Air Arabia, which stands to benefit from cheaper oil, gained 1.8 percent.

Logistics firm Aramex, which could also see its fuel costs go down, added 1.0 percent.

Abu Dhabi's bourse fell 0.9 percent as large lenders Abu Dhabi Commercial Bank and First Gulf Bank lost 1.2 and 2.1 percent respectively.

Qatar's benchmark slipped 0.3 percent, also because of banks. Islamic lender Masraf Al Rayan fell 1.8 percent and Qatar National Bank lost 1.2 percent.

Egypt's bourse jumped 2.1 percent, largely on the back of property stocks such as Talaat Moustafa Holding, which added 2.4 percent, and Palm Hills Development, up 3.2 percent.

Egypt's central bank started allowing some depreciation of the pound this week, a move which analysts said aimed to stamp out a thriving black currency market as inflation concerns eased following the slump in oil prices.

"Conventionally under such situations, real estate stocks should continue performing well, as investors would look to buffer their risks by investing in land and property," Cairo-based Naeem brokerage said in a note.