Saudi Arabia's stock market edged up on Thursday, extending gains for a fifth straight session, while markets in United Arab Emirates were subdued.

Saudi's benchmark index rose 0.1%, with Saudi British Bank rising 1.3%, while Saudi Basic Industries (SABIC) was up 0.6%.

Clariant, an affiliate of SABIC, is selling its masterbatches unit to U.S.-based PolyOne Corp for $1.6 billion, the Swiss speciality chemicals maker said on Thursday. It will pay shareholders about $1 billion from the proceeds.

Saudi Aramco's shares fell a further 0.7% to 36.5 riyals ($9.73) a day after their inclusion in the MSCI emerging- markets index. The oil giant will also join the FTSE benchmark on Thursday.

Dubai's index slipped 0.1% as Emaar Properties dropped 0.7% and Dubai Islamic Bank lost 0.2%.

Duabi Islamic Bank on Wednesday rose after saying it had received shareholder approval to acquire unlisted Dubai-based Noor Bank.

The acquisition will make the United Arab Emirates' largest sharia-compliant bank one of the top Islamic banks in the world, with total assets worth 275 billion dirhams ($74.87 billion), up from 230 billion dirhams at the end of September.

The Abu Dhabi index eased 0.2%, with First Abu Dhabi Bank (FAB) declining 0.4% and telecoms firm Etisalat was down 0.2%.

** Qatar was closed for a public holiday.

($1 = 3.7500 riyals)

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))