DUBAI, Aug 31 (Reuters) - Stock markets in the Gulf may trade with a weak bias on Wednesday after Asian shares eased following modest losses on Wall Street and oil prices slipped.

Brent futures have dropped back below $48.50 a barrel while MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.3 percent.

The subdued mood could spill into Dubai's bourse, which is the most exposed to international markets among its regional peers.

Qatar's index may remain firm as index compiler FTSE is due to release after the close a list of Qatari shares that will be included in its secondary emerging market index in mid-September. Shares in companies such as Ooredoo and Qatar National Bank have been rising in anticipation of the announcement, though many fund managers now consider them generally fully valued.

Egypt's parliament approved legislation on Tuesday to ease the process of settling tax disputes, a move aimed at luring back foreign investors. This, along with other reforms, may in the long term support stocks favoured by foreign funds such as Commercial International Bank .

But in the immediate future, the main index may not see any extended rally as a widening gap between official and black market rates for the Egyptian pound has increased uncertainty over a possible devaluation.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com; +971 4 4536886; Reuters Messaging: celine.aswad.thomsonreuters.com@reuters.net))