The benchmark KSE-100 Index plunged nearly 2,500 points in the opening minutes of trading.

By 10:38am, the KSE-100 was down 1,8887.12 points.

Heavy losses were recorded across major sectors including automobile assembly, cement, commercial banking, oil and gas exploration, oil marketing companies, power generation, and refineries.

Major stocks such as OGDC, PPL, PSO, MARI, and HUBCO traded in the red.

This decline followed a modest correction on Thursday, when the KSE-100 had dipped 259.56 points (0.21%) to close at 124,093.12, after a recent rally driven by optimism over the upcoming federal budget.

Globally, stock markets reacted sharply. Asian markets tumbled in early trading on Friday, led by a sharp sell-off in U.S. futures.

Brent crude prices soared over 6% to $73.56 per barrel, while gold rose 1% to approximately $3,419 per ounce, as investors sought safe-haven assets such as gold and the Swiss franc.

Israel’s military strike on Iran raised fears of a broader conflict in the oil-rich Middle East. Israel declared a state of emergency in anticipation of retaliatory drone and missile attacks from Tehran, describing its action as a “preemptive strike” against Iran’s nuclear program.

Explosions were reported northeast of Tehran early Friday, according to Iran’s state-affiliated Nour News.

Two US officials, speaking anonymously, confirmed that Israel had initiated strikes on Iran, clarifying that the United States had no involvement in the operation.

The market’s global response was immediate: U.S. S&P E-mini futures fell 1.5%, Nasdaq futures dropped 1.7%, Japan’s Nikkei lost 1.4%, and South Korea’s KOSPI declined by 1.2%.

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