DUBAI, Dec 13 (Reuters) - Stock markets in the Gulf may see moderate profit-taking on Tuesday as investors turn their attention to an expected U.S. interest rate hike and the upcoming Saudi Arabian state budget for 2017.

On Wednesday, the U.S. Federal Reserve is widely expected to hike interest rates for the first time in 2016. Global markets have almost entirely factored in the hike, but it may still make investors a little more cautious in the next couple of days.

MSCI's broadest index of Asia-Pacific shares outside Japan has edged down 0.1 percent and Brent oil futures have also pulled back, trading at $55.64 a barrel after their surge to 18-month highs on Monday.

Dubai's main index rose on Monday to its highest level this year and above technical resistance on its August peak of 3,624 points. A second straight daily close above the resistance would be technically bullish, pointing up to the October 2015 peak of 3,740 points.

However, given the speed of Dubai's jump in the last month, some short-term profit-taking would not be surprising.

GFH Financial may attract interest after Arab Petroleum Investments Corp said it had bought 30 percent of Falcon Cement Co, Bahrain's largest cement producer, from GFH; the companies did not disclose the purchase price but GFH has previously valued Falcon at $120 million. I

Meanwhile, Saudi Arabia's index may slip further as investors continue to take profits and prepare for the state budget announcement, expected in a couple of weeks.

Economists believe the 2017 budget may be less austere than the 2016 budget, and Saudi Fransi Capital said the stock market was better positioned to absorb any bad budget news because of the recent rebound in oil prices. But the budget will still probably include domestic fuel subsidy cuts, analysts said.

(Reporting by Celine Aswad; Editing by Andrew Torchia) ((celine.aswad@thomsonreuters.com)(+9715 6224 7653))