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The Pakistan Stock Exchange (PSX) opened the week deep in the red on Monday as escalating US-Iran tensions, which have also roiled global equity markets, triggered panic selling.

The PSX’s benchmark KSE-100 Index settled at 151,972.99 points, down 16,089.17 points, or -9.57%, from the previous close of 168,062.16, marking its highest ever one-day fall.

Several US military aircraft crashed in Kuwait early on Monday, but all crew members survived and were in stable condition, Kuwait’s Ministry of Defence said, as conflict widened across the Middle East.

In a separate incident, smoke was seen rising from the vicinity of the US Embassy compound in Kuwait City, and fire trucks and ambulances were in the area, a witness told Reuters.

There were no responses to requests for comment on the embassy incident from the US Embassy in Kuwait, or from the US State Department.

Kuwait intercepted hostile drones earlier on Monday, the third consecutive day of Iranian retaliatory strikes on neighbouring Gulf states in response to US and Israeli attacks on the Islamic Republic.

The Kuwait Defence Ministry statement, which was carried by the state news agency, said the crews from the crashed aircraft were evacuated and transferred to hospital and were in stable condition. It added that the response was carried out in coordination with US forces.