Heating engineers across Britain are being urged to take up the offer of a government-funded heat pump to install in their own homes, as part of efforts to roll out the clean technology.

Research and innovation firm Nesta is running a “start at home” initiative to provide heating engineers with a funded heat pump and training on how to install it, so they can learn the ropes before fitting the technology for customers.

The initiative comes after a pilot scheme by Nesta found supporting heating engineers to install their first heat pump in their home boosted their technical knowledge, understanding of living with the technology, and confidence in promoting them to customers.

Experts warn large-scale deployment of clean electric-powered heat pumps is key to replacing the widespread use of gas boilers in homes to reduce carbon emissions as part of targets to cut greenhouse gases to “net zero” by 2050.

That means installing round 450,000 heat pumps in existing homes a year by 2030, requiring 38,000 more installers trained and confident to install heat pumps before then, Nesta said.

The organisation said heat pumps were more efficient than gas boilers, potentially lowering energy bills, and tend to require less maintenance and last longer, keeping homes warm for years.

But Nesta pointed to research by the Department for Energy Security and Net Zero (DESNZ) suggesting only 27% of newly trained installers have gone on to complete an installation within a year, partly due to a lack of a confidence in the technology and the process of putting it in.

So the start at home scheme is being rolled out with partners across England, Wales and Scotland, providing heat engineers with heat pumps for their own homes and expert support, and putting them on the path to the accreditation needed to install the technology for customers under government schemes.

Madeleine Gabriel, Nesta’s director of sustainable future, said: “As more and more households look to switch their home heating, it will be all hands to the pump – and we want to help ensure that Britain’s heating workforce is ready to respond.

“Although lots of heating engineers are curious about heat pumps, many rarely get the chance to see one, let alone install one.

“The ‘start at home’ scheme changes that by beginning where it makes most sense – at home.

“Our message to all heating engineers is simple: secure your future by getting hands-on with the tech with installation yourself.”

Eric MacRae, a heating engineer who took part in the pilot which ran across Scotland, added: “I have confidence now that I’ve got one running in my own property that I have 24/7 experience of.

“Instead of giving people a spiel, I can now speak from personal experience of using it myself.

“It’s giving me an extra edge, and I feel that I can emphasise more of the advantages than I previously would have been able to.”

KARACHI:

The Pakistan Stock Exchange (PSX) endured another volatile session on Tuesday, where the benchmark KSE-100 index shed 1,579 points, or 0.94%. After opening on a positive note, the index touched the intra-day high of 168,519, but selling pressure emerged immediately, dragging the market down.

The index hit the intra-day low of 165,997 towards the end of trading. Tuesday’s decline marked the second consecutive session of losses, following a 0.73% drop on Monday. Despite early optimism, investors remained cautious, leading to profit-taking in key sectors. The index appears to be in a consolidation phase, hovering around key support zones.

Arif Habib Limited (AHL) remarked that selling pressure persisted for the second session, when the KSE-100 traded down to Monday’s low of 166k. Some 26 shares rose while 73 fell with HBL (+3.56%), Engro Fertilisers (+1.54%) and Askari Bank (+3.85%) contributing the most to index gains. On the flip side, Hub Power (-3.75%), Engro Holdings (-2.7%) and Lucky Cement (-3.09%) were the biggest drags, it said.

Among economic news, AHL mentioned, the State Bank of Pakistan (SBP) governor sees inflation holding steady, although further interest rate cuts will depend on the impact of recent floods and the outcome of ongoing International Monetary Fund (IMF) review. For the index, 166k is emerging as a key level and it will need to immediately regain 167.2k to target the 170k mark, AHL added.

KTrade Securities, in its market wrap, noted that the PSX concluded another volatile session in negative territory as the benchmark KSE-100 index lost 1,579 points (-0.94%) to close at 166,174. The decline was driven by rising geopolitical tensions with India and ongoing economic concerns, particularly in the context of IMF review and fiscal scrutiny.

Heavyweight stocks from sectors such as power, energy, cement, fertiliser and oil & gas exploration were among the major contributors to the downside. Despite the market-wide sell-off, investor sentiment remained cautiously optimistic, with many participants staying engaged in anticipation of clarity on macroeconomic developments, KTrade said.

Topline Securities commented that following Monday’s downbeat momentum, bears kept their firm control in Tuesday’s session as well. The KSE-100 index opened on a positive note, with bulls charging ahead to push the market up by 766 points. However, the optimism was short-lived as selling pressure intensified midway through the day.

The index nosedived to the intra-day low of 1,755 points before eventually settling at 166,174, down 1,579 points. It attributed the negative close mainly to heavy profit-taking by local institutions, which overshadowed early gains and dragged the market into the red.

The decline was driven by losses in Hub Power, Engro Holdings, Lucky Cement, Mari Energies and UBL, which pulled the index down by 986 points. Partial support came from HBL, Engro Fertilisers, Askari Bank and Allied Bank, which contributed 380 points, Topline stated. JS Global analyst Mohammed Waqar Iqbal said that the benchmark index remained under pressure and faced volatility as profit-taking continued to impact the market.

Overall trading volumes slightly decreased to 1.266 billion shares from Monday’s tally of 1.274 billion. The value of shares traded stood at Rs54.2 billion. The PSX announced on X that on Tuesday, 54% of the total traded value was in Shariah-compliant stocks.

Shares of 487 companies were traded. Of these, 183 closed higher, 267 fell and 37 remained unchanged.

PTCL was the volume leader with trading in 180.6 million shares, falling Rs0.27 to close at Rs31.14. It was followed by The Bank of Punjab with 134.7 million shares, rising Rs0.62 to close at Rs35.08 and Cnergyico PK with 90.7 million shares, edging down Rs0.03 to close at Rs8.76. Foreign investors sold shares worth Rs614 million, the National Clearing Company reported.

KARACHI:

Gold prices in Pakistan rose on Tuesday, tracking gains in the international market, where US gold futures broke past the unprecedented $4,000 per ounce level for the first time.

The surge was driven by expectations of an upcoming Federal Reserve rate cut and sustained safe-haven demand amid the ongoing US government shutdown.

In the local bullion market, the price of gold per tola increased by Rs1,500 to reach Rs416,778, according to data released by the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the rate for 10 grams rose by Rs1,286 to Rs357,319. On Monday, the price had already jumped by Rs5,400 per tola to Rs415,278.

US gold futures for December delivery settled 0.7% higher at $4,004.4, after hitting the high of $4,014.6, as per Reuters. Spot gold was up 0.6% to $3,985.82 per ounce as of 01:48 pm EDT (1748 GMT), after hitting an all-time high of $3,990.85 earlier in the session.

Interactive Commodities Director Adnan Agar said the current rally in gold was primarily being driven by futures activity rather than spot prices. In the futures market, it broke the $4,000 level.

Agar noted that despite the record-breaking rally, the market appeared “overstretched” and may be due for a correction. “I’ve been watching gold for 15 years and have never seen it this overbought. The rally is too strong, even bullish trends have limits,” he said.

Agar added that profit-taking was likely once investors began to view current price levels as unsustainable. “If something doubles or triples in price, that’s understandable. But when it goes up six or seven times, investors start locking in profits. We may soon see a selling phase once a trigger appears.”

However, with the US government partially shut down and key economic data releases delayed, there are currently few catalysts for a sell-off. He suggested that a potential resolution of the political standoff between the Democrats and Republicans could serve as a turning point. “A deal to end the shutdown will likely bring gold down,” he said.

Agar recalled that gold’s major rally began in 2023 amid the Israel-Palestine conflict, which spurred global safe-haven demand. “Now that peace talks are progressing, gold should ideally be cooling, but instead it’s being driven by FOMO – the fear of missing out,” he observed.

He cautioned that the international market remained heavily overbought, and a correction of at least $200 was “almost certain” once sentiment shifted. “If gold reaches $4,020 to $4,050 in the spot market, we could see a pullback. After that, prices may stabilise for a few months,” he said.

Despite short-term risks, major institutions remain optimistic in the long term. Goldman Sachs has projected that gold could reach $4,900 by December 2026. At the current pace, that looks aggressive, but their forecast is based on a year’s horizon, not three months, Agar said.

Meanwhile, the Pakistani rupee edged slightly higher against the US dollar, appreciating by 0.01% in the inter-bank market. By the day’s close, the local currency stood at 281.22 per dollar, marking a modest gain of three paisa from Monday’s close at 281.25.