DUBAI, Nov 14 (Reuters) - Stock markets in the Gulf diverged in early trade on Monday as some shares which are members of MSCI's emerging market index recovered, while Saudi Arabia's index was pulled lower by profit-taking.

Dubai's main index edged up 0.5 percent with Air Arabia adding 2.4 percent after it reported a 26-percent rise in third-quarter net profit to 297 million dirhams ($80.9 million), at the upper end of analysts' forecasts.

But builder Arabtec , which reported a narrower quarterly loss of 225.5 million dirhams compared with a 944.8 million loss in the same period of last year, was down 1.5 percent.

Index compiler MSCI is due to announce the results of its semi-annual index review at the end of the day, and VTB Capital said in a note that it estimated an 80-percent probability that DXB Entertainments would replace Arabtec in MSCI's emerging market index. Shares in the amusement park builder were down 0.7 percent.

VTB Capital also expects Dubai Financial Market , the only listed Gulf exchange, to be excluded from the index. Its shares were up 0.9 percent.

Abu Dhabi's index rose 0.4 percent as some MSCI emerging market shares recovered part of the previous session's losses. First Gulf Bank added 0.8 percent and Etisalat was up 0.3 percent.

In Qatar, the index slipped 0.1 percent in thin trading. Islamic bank Masraf Al Rayan was down 0.6 percent.

Saudi Arabia's index slipped 0.5 percent to 6,629 points; it faces technical resistance at the July peak of 6,703 points.

All but one of the 14 listed petrochemical producers fell with the largest, Saudi Basic Industries , edging down 0.6 percent. Banking shares, which had been leading the index higher over the last three weeks, were also weak as mid-sized Bank Albilad fell 1.6 percent.

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