DUBAI, May 17 (Reuters) - Stock markets in the Gulf may fall in shrinking trading volumes on Wednesday after crude oil prices fell back and global equity markets slipped.
Brent oil is at $51.24 a barrel while S&P 500 mini futures have dropped 0.5 percent in early Asian trade. MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.5 percent.
"Markets are not being spooked by very bad news, nor are they finding really good news to sustain a rally, and with Ramadan and summer holidays coming soon, we don't anticipate much activity," said a Dubai-based trader.
With the first-quarter corporate earnings reporting season now completed in the Gulf, some markets, such as Dubai's , appear to offer attractive entry points from a valuation perspective; the index is trading at a discount to its peers and the MSCI emerging market index.
"The first-quarter reporting season was decent, but investors clearly were not moved by those numbers, and Dubai has succumbed to short-term retail investors. No one wants to enter a market under those conditions," said the trader. (Reporting by Celine Aswad; Editing by Andrew Torchia)