Business
PSX rallies as shares jump to all-time peak – SUCH TV
Share prices consolidated their gains at the Pakistan Stock Exchange (PSX) on Friday, with the benchmark index soaring to a new all-time high. Trading activity reflected renewed investor confidence, driven by economic stability and strategic diplomatic developments.
During intraday trading, the PSX’s KSE-100 Index climbed 652.76 points, or 0.41 percent, to reach 158,606 points, marking another record for the national bourse.
Out of 439 companies that transacted shares, 256 posted gains, 166 incurred losses, and 17 remained unchanged.
Analysts attributed the rally to Pakistan’s recently signed Strategic Mutual Defence Agreement (SMDA) with Saudi Arabia during Prime Minister Shehbaz Sharif’s visit to Riyadh.
The pact ensures that any aggression against either country will be treated as an attack on both, sending a positive signal of stability to the market.
The previous day, the KSE-100 Index had surged 1,775.65 points, a 1.14 percent rise, closing at 157,953.47 points.
Market activity remained robust, with 1,959,100,058 shares traded, valued at Rs56.93 billion, up from 1,499,302,473 shares worth Rs48.85 billion the day before.
Top trading volumes were led by Cnergyico PK with 213,091,825 shares at Rs8.41 each, followed by WorldCall Telecom with 141,834,094 shares at Rs1.78, and Fauji Foods Ltd with 101,805,720 shares at Rs21.51.
Supernet Technologies Limited recorded the highest increase, rising by Rs.89.54 to close at Rs984.93, followed by Nestle Pakistan Limited, which gained Rs75.78 to close at Rs8,425.78.
On the downside, Unilever Pakistan Foods Limited lost Rs.160.72, closing at Rs.32,439.26, while Rafhan Maize Products Company Limited declined by Rs115.57 to close at Rs9,583.98.
In the futures market, 358,784,000 shares were traded, valued at Rs.12.71 billion, compared to 270,465,500 shares worth Rs.12.44 billion the previous day.
Among 319 companies, 246 advanced, 71 declined, and 2 remained unchanged.
Leading futures turnover included KOSM-SEP with 44,666,500 shares at Rs.8.01, CNERGY-SEP with 29,877,500 shares at Rs.8.45, and FFL-SEP with 29,203,500 shares at Rs.21.63.
GHNI-OCT recorded the highest gain, rising by Rs.15.44 to Rs.868.00, while GAL-OCT declined by Rs.14.00 to Rs.585.00.
Liv McMahon and
Chris Vallance,Technology reporters
Getty ImagesGrand Theft Auto (GTA) maker Rockstar Games has been accused by a trade union of sacking staff in the UK to stop them from unionising.
The Independent Workers’ Union of Great Britain (IWGB), which represents people working in the gaming sector, said 31 workers were fired from Rockstar’s UK studios on 30 October.
The union led rallies outside the company’s offices in Edinburgh and London on Thursday to protest what it described as “the most blatant and ruthless act of union busting in the history of the games industry”.
The BBC has approached Rockstar’s parent company, Take-Two Interactive, for comment, which has reportedly claimed staff were sacked for sharing confidential information.
IWGB“Last week, we took action against a small number of individuals who were found to be distributing and discussing confidential information in a public forum, a violation of our company policies,” a Rockstar spokesperson told Bloomberg in a statement.
“This was in no way related to people’s right to join a union or engage in union activities.”
At large video game studios, information about game development is tightly controlled – with employees often signing agreements not to share confidential information.
Rockstar’s upcoming GTA 6 is expected to be one of the best-selling games of all time, with fans clamouring for any news ahead of its May 2026 release date – meaning security around any information will be heightened at the studio.
But union president Alex Marshall accused Rockstar of deflecting from the “real reason” for firing staff – which the IWGB believes is their union involvement.
“They are afraid of hard working staff privately discussing exercising their rights for a fairer workplace and a collective voice,” he said.
“Management are showing they don’t care about delays to GTA 6, and that they’re prioritising union busting by targeting the very people who make the game.”
According to the IWGB, the UK workers fired at the end of October were part of a group discussing forming a union at the company.
Mr Marshall said its only non-Rockstar employees were union organisers.
“We refute that confidential information was shared publicly,” IWGB said in a statement.
Dr Paolo Ruffino, senior lecturer in digital curation and computational creativity at Kings College London, said it was a “textbook” case of non-disclosure agreements (NDAs) being used by gaming firms.
“They’re used at every level in gaming, creating a culture of secrecy that makes investigating working conditions nearly impossible,” he said.
“The real question is whether these dismissals were about leaked information or protected union activity – a distinction UK employment law requires but which NDA allegations make difficult to prove.”
‘Equalising the scales’
Speaking to the BBC at a picket outside the Rockstar North office in Edinburgh, organiser Fred Carter said he was standing alongside staff who had been sacked “without warning” and “without reason”.
“They’ve been fired, we believe, because they’re union members – which is a protected activity in the UK,” he said.
“We’re asking people to come out and support us, to demand their jobs back and demand accountability from Rockstar.”
A former employee speaking at the Edinburgh rally said there was a “power imbalance” at play in conversations with management.
“Not everyone is comfortable speaking up, and even when you do you can get shut down because you’re just one person,” they said.
Workers at BAE Systems in Lancashire have been cleared to proceed with planned industrial action after the High Court dismissed the company’s last-minute bid to block strikes.
The aerospace giant had sought an injunction against Unite the Union members at its Warton and Samlesbury sites, arguing their planned walkout was unlawful.
However, Mr Justice Soole refused to grant the injunction on Thursday, stating: “Having considered the evidence, the application is dismissed. I will give my reasons later.”
The ruling paves the way for strikes, which the union said were due to begin on Wednesday and continue until 25 November, following the rejection of a 2025 pay offer.
In written submissions, Bruce Carr KC, representing BAE, contended that Unite had invalidated the strike’s lawfulness by instructing members not to train managers in aircraft testing after giving notice to ballot on 24 September.
The barrister added: “It is the claimant’s case that the evidence clearly demonstrates that at that meeting and thereafter, Unite called on its members employed as quality professionals, to take industrial action in the form of refusing to undertake the training of managers employed by the claimant.”
Mr Carr said that in mid-September BAE wanted the training after “a number of absences” and while it was “considering business continuity plans in the event of possible industrial action”.
This training occurred between 22 September and 10 October, after which the quality professionals refused to continue following instructions from the union, Mr Carr said.
These workers breached their duty to BAE because they are “required to act in the best interests of the company to carry out such duties in respect of their appointment as they may reasonably be called upon to undertake”, the barrister added.
Oliver Segal KC, for Unite, said the training was a “request”, not an “instruction” and therefore workers who refused were not in breach of their contract.
He described managers being trained for the testing role as “unprecedented” and that union representatives had asked workers to get the “request” in writing while they seek legal advice.
In written submissions, he said: “The evidence in this case is that the defendant never even suggested, let alone ‘called’ on, its members who are quality professionals to refuse to comply with a management instruction to provide training to management executives.”
Mr Segal said BAE was “ludicrously interpreting” emails between union representatives discussing the training as instructions for union members not to comply.
The barrister also said there was no refusal to train the managers after 10 October and that one of the quality professionals gave a statement saying his team never stopped providing training.
He continued: “The reality is that this application is a last-minute, desperate attempt by the claimant to neuter the industrial action, which is both factually mis-premised and legally misconceived.”
Mr Carr said on Thursday that BAE is considering an appeal.
A BAE spokesperson said: “We note the ruling by the High Court. We believe we had good grounds for the legal challenge and will consider the court’s judgment.
“We respect the right of employees to engage in industrial action and remain committed to a partnership approach with all our trade union groups.”
The PA news agency understands that less than 70 employees out of 12,000 are involved in the strike action while production lines are continuing to operate.
Speaking after the decision, Unite general secretary Sharon Graham said: “This unsuccessful attempt by BAE to prevent a lawful strike will have severely damaged the goodwill it has with its workforce.
“BAE is a multibillion-pound company making record profits.
“It now needs to come back to the negotiating table with an acceptable offer for striking workers in its Air division, rather than wasting money on pointless legal threats.
“Otherwise, our members will be taking strike action throughout November in their fight for fair pay.”
Rachel Halliday of Thompsons Solicitors, which represented Unite, added: “This is a clear win for Unite and for workers everywhere.
“The High Court has confirmed that the union acted lawfully at every stage, and that BAE’s attempt to block strike action had no basis.
“Today’s decision will send a strong message to employers that the courts cannot be used to silence workers standing up for fair pay and respect.
“Unite acted responsibly throughout, adhering to all statutory requirements, and this important decision reinforces the union’s members’ right to strike.
“Thompsons is proud to have stood with Unite in defending this principle. Working people have the right to be heard – and to take lawful industrial action when negotiations fail.”
Workers at BAE Systems in Lancashire can continue to strike following the dismissal of a bid for a High Court injunction aimed at blocking industrial action.
The company asked a judge to order Unite the Union members at the Warton and Samlesbury sites to cease their planned action in a last-minute hearing on Tuesday.
Strikes were due to start on Wednesday and last until November 25, according to the union.
But Mr Justice Soole refused to grant the injunction on Thursday.
He said: “Having considered the evidence, the application is dismissed. I will give my reasons later.”
Bruce Carr KC, for BAE, said in written submissions for the hearing on Tuesday that Unite had given notice to ballot on September 24 after rejecting the 2025 pay offer.
He said that following this, union representatives told members not to train managers in aircraft testing and that this amounted to a call to industrial action, therefore invalidating the lawfulness of the upcoming strike.
The barrister added: “It is the claimant’s case that the evidence clearly demonstrates that at that meeting and thereafter, Unite called on its members employed as quality professionals, to take industrial action in the form of refusing to undertake the training of managers employed by the claimant.”
Mr Carr said that in mid-September BAE wanted the training after “a number of absences” and while it was “considering business continuity plans in the event of possible industrial action”.
This training occurred between September 22 and October 10, after which the quality professionals refused to continue following instructions from the union, Mr Carr said.
These workers breached their duty to BAE because they are “required to act in the best interests of the company to carry out such duties in respect of their appointment as they may reasonably be called upon to undertake”, the barrister added.
Oliver Segal KC, for Unite, said the training was a “request”, not an “instruction” and therefore workers who refused were not in breach of their contract.
He described managers being trained for the testing role as “unprecedented” and that union representatives had asked workers to get the “request” in writing while they seek legal advice.
In written submissions, he said: “The evidence in this case is that the defendant never even suggested, let alone ‘called’ on, its members who are quality professionals to refuse to comply with a management instruction to provide training to management executives.”
Mr Segal said BAE was “ludicrously interpreting” emails between union representatives discussing the training as instructions for union members not to comply.
The barrister also said there was no refusal to train the managers after October 10 and that one of the quality professionals gave a statement saying his team never stopped providing training.
He continued: “The reality is that this application is a last-minute, desperate attempt by the claimant to neuter the industrial action, which is both factually mis-premised and legally misconceived.”
Mr Carr said on Thursday that BAE is considering an appeal.
A BAE spokesperson said: “We note the ruling by the High Court. We believe we had good grounds for the legal challenge and will consider the court’s judgment.
“We respect the right of employees to engage in industrial action and remain committed to a partnership approach with all our trade union groups.”
The PA news agency understands that less than 70 employees out of 12,000 are involved in the strike action while production lines are continuing to operate.
Speaking after the decision, Unite general secretary Sharon Graham said: “This unsuccessful attempt by BAE to prevent a lawful strike will have severely damaged the goodwill it has with its workforce.
“BAE is a multibillion-pound company making record profits.
“It now needs to come back to the negotiating table with an acceptable offer for striking workers in its Air division, rather than wasting money on pointless legal threats.
“Otherwise, our members will be taking strike action throughout November in their fight for fair pay.”
Rachel Halliday of Thompsons Solicitors, which represented Unite, added: “This is a clear win for Unite and for workers everywhere.
“The High Court has confirmed that the union acted lawfully at every stage, and that BAE’s attempt to block strike action had no basis.
“Today’s decision will send a strong message to employers that the courts cannot be used to silence workers standing up for fair pay and respect.
“Unite acted responsibly throughout, adhering to all statutory requirements, and this important decision reinforces the union’s members’ right to strike.
“Thompsons is proud to have stood with Unite in defending this principle. Working people have the right to be heard – and to take lawful industrial action when negotiations fail.”
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