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MIDEAST STOCKS-Saudi stocks up on banks, rest of the Gulf stagnates

DUBAI, March 10 (Reuters) - Saudi stocks rose on Sunday, helped by banks as authorities said there were no immediate plans to increase Islamic tax levels, while other Gulf equities fell due to weak global markets and a drop in oil prices.

Saudi Arabia's main index was up 0.3 percent, boosted by a better performance among banks. Al Rajhi Bank was up 1.1 percent, while National Commercial Bank , the kingdom's largest bank, was up 1.9 percent.

On Friday, Saudi authorities said they had no current plans to increase Islamic tax levels on the private sector, after Bloomberg reported that the kingdom was mulling plans to increase them.

The market was also supported by its impending entry into the FTSE Russell emerging market index next week, which could bring billions of dollars of fund inflows.

Qatar's index lost 0.3 percent, trading at its lowest in more than five months, weighed down by banks Commercial Bank and Masraf Al Rayan, which were down 1.8 percent and 0.8 percent respectively.

Qatar was one of 2018's best-performing markets globally, with stocks gaining 21 percent, helped by a lifting of limits on foreign ownership of shares. But it has lost 5.2 percent this year.

"Qatar was overdue for a small correction that would let the valuation catch up with the price. And that decline is healthy," said Talal Samhouri, head of asset management at Amwal LLC.

Dubai's stock exchange was also 0.3 percent lower, weighed down by Dubai Islamic Bank , which shed 0.6 percent.

Abu Dhabi's stock index was flat. Abu Dhabi Commercial Bank was down 1.5 percent, but Emirates Telecommunications Group was up 0.7 percent. (Reporting by Nafisa Eltahir; Editing by Dale Hudson)