DUBAI, July 28 (Reuters) - Egypt's stock market may stall on Thursday after Wednesday's leap in response to news that Cairo is close to obtaining an IMF loan, while weak earnings at some blue chips could weigh on Gulf markets.

The main Egyptian equities index climbed 5.0 percent to 7,915 points on Wednesday, its biggest daily gain since mid-March, in the market's heaviest trade since mid-April.

Investors are hoping that an International Monetary Fund loan would create conditions allowing authorities to engineer a controlled devaluation that would bring the Egyptian pound to levels which reignited fund inflows into the country.

However, there are many uncertainties and risks in this scenario, including the fact that fiscal policy conditions tied to an IMF deal may initially slow the economy further.

So investors may be tempted to take profits as the index nears major technical resistance on the April peak of 7,944 points; EFG Hermes advised foreign investors after the IMF news to stay underweight on Egypt for now.

One stock which could outperform is Commercial International Bank , which reported after the market close on Wednesday a 28 percent rise in second-quarter net income as revenues increased 20 percent.

Gulf markets may be sluggish after Brent crude oil hit a three-month low of $43.27 a barrel overnight.

In Saudi Arabia, Saudi Basic Industries reported a 23.2 percent drop in second-quarter net profit to 4.74 billion riyals ($1.26 billion). That was above the 3.92 billion riyal average estimate of five analysts polled by Reuters, but the company also said it would cut its dividend to 2 riyals per share for the first half of 2016 from 2.5 riyals in the corresponding period of last year.

In Abu Dhabi, National Bank of Abu Dhabi and First Gulf Bank both reported lower quarterly profits, though both were broadly in line with analysts' estimates. NBAD said profit fell 4.8 percent, and FGB posted a 10 percent fall.

However, Dubai-based courier firm Aramex may gain after it reported a 36 percent rise in second-quarter net profit to 125.7 million dirhams; EFG Hermes and SICO Bahrain had forecast 107 million dirhams and 99 million dirhams.

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