DUBAI, Aug 30 (Reuters) - Gulf stock markets may consolidate on Tuesday with thin trading volumes preventing any extended rebound despite modest recoveries in oil prices and Asian bourses.

Brent futures have edged back up to $49.42 a barrel and MSCI's broadest index of Asia-Pacific shares outside Japan is up 0.5 percent, recouping around half of Monday's loss.

But Mohammed Shammasi, chief investment officer at Riyadh-based Derayah Financial, said investors in regional bourses were "uninspired" and volumes were not expected to pick up until after the Eid al-Adha break in mid-September.

"Investors have no motive to allocate capital in the markets, and unless there is a major event that will shock investors the markets are expected to stay trading in a narrow range," said Shammasi.

Most portfolio managers are nervous about economic growth in Saudi Arabia; consumer stocks have been coming under pressure with one of the largest retailers, Fawaz Alhokair , shedding 4.1 percent since last week.

In Qatar the index has been supported by FTSE's plan to include some major stocks in its secondary emerging market index; an announcement of its picks will come after the close on Wednesday.

However, "some shares (in Qatar) are now looking toppy, and valuations do not support such price levels," said Mohamed Shabbir, investment advisor at Value IQ in Dubai.

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