DUBAI, July 21 (Reuters) - A strong global backdrop may support Gulf stock markets on Thursday, although the latest corporate earnings in the region are mixed.

MSCI's broadest index of Asia-Pacific shares outside Japan is up 0.3 percent, its highest level since October 2015, after the Dow Jones industrial average and the S&P 500 hit record highs overnight. Brent oil is slightly higher in Asian trading at $47.35 a barrel, after rising 1 percent overnight.

This may encourage buying in markets such as Dubai , where many investors will be watching to see if blue chip Emaar Properties continues the rally of the past two weeks.

On Wednesday Emaar climbed 1.7 percent to 7.02 dirhams, its highest close in 11 months, in active trade. It closed above technical resistance on its October 2015 peak of 7.01 dirhams; another such close on Thursday would trigger a reverse head & shoulders pattern formed by the highs and lows since last August and pointing up in the long term to at least the April 2015 peak of 8.39 dirhams.

However, some of the latest Dubai second-quarter earnings are weak. Mashreq bank posted a 16.1 percent year-on-year fall in second-quarter net profit to 539.4 million dirhams ($146.8 million) as impairments for bad debt more than doubled and fee and commission income edged lower; Arqaam Capital had forecast 588 million dirhams.

Second-tier real estate firm Deyaar Development reported a 17.8 percent fall in second-quarter profit.

In Saudi Arabia, Yanbu National Petrochemical Co (Yansab) beat analysts' forecasts as its second-quarter net profit trebled to 689.3 million riyals ($183.8 million) because of higher production and sales; analysts had on average forecast 446.2 million riyals.

But Dar Al Arkan , one of Saudi Arabia's largest property developers, reported a 38.7 percent fall in quarterly profit to 43.2 million riyals; NCB Capital had forecast 57 million riyals.

In Kuwait, telecommunications operator Viva Kuwait VIVA.KW reported a 15 percent fall in quarterly profit to 9.57 million dinars ($31.65 million); SICO Bahrain had predicted 10.32 million dinars.

In Egypt, the central bank governor said after the close on Wednesday that the time was not right to float the Egyptian pound, which has come under intensifying pressure in recent weeks, though he left the door open to a possible devaluation. The uncertainty is unlikely to be seen as positive by the stock market, which has been hit hard by fears of a currency crash and further interest rate hikes.

(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com)(+9715 6681 7277)(Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))