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Doha: Rates against US Dollar as issued on Wednesday by Qatar National Bank (QNB) are as following: Currency Buying Selling QAR 3.64000 3.64150 SAR 3.75030 3.75050 AED 3.67240 3.67340 BHD 0.37697 0.37701 KWD 0.30730 0.30780 GBP 1.25960 1.26000 EUR 1.08260 1.08270 CHF 0.90590 0.90600 JPY 156.41000 156.42000 GOLD 2360.28000 2360.79000 SILVER 28.59620 28.61620 Oil Price West Texas 79.42000
Source: Qatar News Agency
Doha: The Producer Price Index (PPI) of the Industrial sector recorded 114.39 points for February, an increase of 1.03 percent compared to the previous month and a decrease of 8.6 percent compared to February 2023.
Planning and Statistics Authority (PSA) has released the new Monthly PPI of the Industrial sector for February 2024 calculated based on 2018, with a relative weight of the main four industry sectors as follows: “Mining” (weight: 82.46 percent), “Manufacturing” (weight: 15.85 percent), “Electricity” (weight: 1.16 percent), and “Water” (weight: 0.53 percent).
The PPI for February 2024 is estimated at 114.39 points showing an increase of 1.03 percent, when compared to the previous month’s January 2024. On a Y-o-Y basis, the PPI of February 2024 showed a decrease of 8.60 percent when compared to the PPI of February 2023.
In the mining and quarrying sector, The PPI of February 2024 for this sector showed an increase of 0.90 percent when compared with the PPI of January 2024, primarily due to the pric
e increase in “Crude petroleum and natural gas” by 0.91 percent, no significant change in “Other mining and quarrying”. PPI of Mining in February 2024, when compared with its counterpart in the previous year (February 2023), was a decrease of 9.18 percent due to the price decrease on “Crude petroleum and natural gas” by 9.19 percent, and “Other mining and quarrying” by 0.02 percent.
In the Manufacturing sector, an increase of 1.95 percent was recorded in February 2024, when compared with the previous month’s Manufacturing index (January 2024). The price increase is seen in: “Rubber and plastics products” by 9.16 percent, followed by “Refined petroleum products” by 3.58 percent, “Basic metals” by 3.30 percent, “Cement and other non-metallic mineral products” by 2.51 percent, “Chemicals and chemical products” by 0.90 percent, “Food products” by 0.71 percent and “Beverages” by 0.08 percent. The decreasing prices are noticed in “Printing and reproduction of recorded media” by 0.67 percent.
Compared with the ind
ex of counterpart in the previous year (February 2023), the “Manufacturing” PPI of February 2024 showed a decrease of 7.12 percent. The major groups that explain this price decrease are: “chemicals and chemical products” at 10.45 percent, followed by “Basic metals” at 4.76 percent, “Cement and other non-metallic mineral products” at 3.60 percent, “Refined Petroleum products” at 2.01 percent and “Printing and reproduction of recorded media” by 0.83 percent. However, the increasing prices are noticed in “Food products” by 3.79 percent followed by “Rubber and Plastics products” by 1.32 percent, and relative stability in “Beverages” by 0.01 percent.
In the electricity, gas, steam, and air conditioning supply sectors, the PPI of this group showed an increase of 0.46 percent compared to January 2024. Compared to the PPI of February 2023 Y-o-Y, the PPI of February 2024, showed an increase of 9.90 percent.
In the water supply sector, the PPI of this group showed a decrease of 1.49 percent compared to January 2024.
Compared to the PPI of February 2023 Y-o-Y, the PPI of February 2024, showed an increase of 3.72 percent.
Source: Qatar News Agency
Singapore, Gold prices touched a record high on Monday after data showed that US inflation moderated in February, boosting bets for the Federal Reserve’s June interest rate cut.
Spot gold rose 1% at $2,255.39 per ounce while US gold futures gained 1.7% to $2,275.70 per ounce.
The dollar was down 0.1% against its rivals, making gold more appealing for other currency holders.
Spot silver rose 1% to $25.22 per ounce, platinum was up 0.6% to $913.85 and palladium gained 0.3% to $1018.22.
Source: Qatar News Agency
Kuwait Bourse closed Monday trading as the All Share Index gained 23.77 points to reach 7,203.22 points, an increase of 0.33 percent.
As many as 283.6 million shares valued at KD 73.7 million (roughly USD 224.7) were traded via 15,936 transactions.
The Main Market Index went down by 18.77 points to reach 5,952.76 points, a decrease of 0.31 percent, through 104.3 million shares done via 6,059 transactions valued at KD 12.8 million (roughly USD 39 million).
The Premier Market Index went up by 36.18 points to reach 7,882.57 points, an increase of 0.46 percent through 179.2 million shares done via 9,877 transactions valued at KD 60.8 million (roughly USD 185.4 million).
Meanwhile, the bourse Main 50 Index lost 21.11 points to reach 5,780.15 points, through stock volume of 67.8 million shares done in 3,793 deals at a value of KD 8.9 million (roughly USD 27.14 million).
Source: Qatar News Agency
Baghdad, The Iraqi Ministry of Oil announced that it has succeeded in drilling and reclaiming 52 oil wells during the first quarter of 2024.
Director General of the Iraqi Drilling Company of the Ministry of Oil, Khalid Hamza Abbas stated that the company’s technical and engineering teams have succeeded in drilling 19 oil wells and reclaiming 33 wells for the national and international exploration firms operating in Iraq.
The Iraqi Drilling Company (IDC) is considered the most active arm in drilling and reclaiming oil wells in Iraq, with the Iraqi government striving to enhance the projects of increasing oil production in the country through a five-year plan to reach a daily production rate of six million barrels.
Source: Qatar News Agency
Moscow, Data issued by Eurostat reported that Russias revenues from gas sales in Russian rubles to the European Union (EU) amounted to 2.3 trillion rubles (31 billion euros).
According to data, Russias revenues from selling gas to EU countries in rubles amounted to 31 billion euros between April 2022 and January 2024, Russia’s news agency (RIA Novosti) said.
The largest buyer of gas in the EU was Hungary (769 billion rubles), followed by Italy (655 billion), Greece (328 billion), and Slovakia (310 billion rubles), according to available data.
According to RIA Novosti, Russian President Vladimir Putin directed the government, the Central Bank, and Gazprom exclusively in March 2022 to sell gas in Russian rubles, which would enhance its value and stability.
Source: Qatar News Agency