Reuters/Dubai

Most Gulf stock markets closed either flat or lower yesterday as oil prices remained volatile and local companies delivered no positive fourth-quarter earnings surprises.
Brent crude oil fell in early trade yesterday 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 Saudi index was nearly flat as petrochemicals giant Saudi Basic Industries, whose earnings are correlated with oil

prices, rose 0.9%.
But shares in Saudi Telecom Co (STC) tumbled 5.2%. The company’s fourth-quarter net profit slumped 32.6% to 2.44bn riyals

($650mn), missing analysts’ average forecast of 3.32bn riyals.
Another stock in the sector, Etihad Etisalat (Mobily), fell 3.6% while the third major local operator, Zain Saudi, was flat.
National Industrialisation Co (Tasnee) dropped 2.5% after it said fourth-quarter net profit dropped 46.5% on lower petrochemical

prices. The company made 160.7mn riyals, while analysts at Saudi Fransi Capital had expected 295.0mn riyals.
Most other Gulf markets pulled back. Dubai’s index slipped 0.4% as most stocks declined. However, low-cost carrier Air Arabia,

which stands to benefit from cheaper oil, gained 1.8%.
Logistics firm Aramex, which could also see its fuel costs go down, added 1.0%.
Abu Dhabi’s bourse fell 0.9% as large lenders Abu Dhabi Commercial Bank and First Gulf Bank lost 1.2 and 2.1% respectively.
Egypt’s bourse jumped 2.1%, largely on the back of property stocks such as Talaat Moustafa Holding, which added 2.4%, and Palm

Hills Development, up 3.2%.
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.
Elsewhere in the region, Kuwait’s index edged up 0.3% to 6,646 points; Oman’s index inched down 0.1% to 6,652 points, while

Bahrain’s index added 0.3% to 1,436 points.

A man looks on as he sits next to a screen showing stock prices at the FALCOM investment bank in Riyadh (file). The Saudi index ended nearly flat yesterday as petrochemicals giant Saudi Basic Industries, whose earnings are correlated with oil prices, rose 0.9%.