Bulls took a respite on Tuesday after hovering above the six-month high of 40,300 level, but eventually capitulated to profit-taking. The kse-100 index clocked the trading session with a loss of 293.99 points to finish at 39,577.62. The market resorted to correction after advancing during early trade after crossing the psychological barrier 40,000 level. The investors booked profit which led to heavy selling activity, which was mainly observed in cement, exploration & production, refinery, oil & gas marketing and chemical sectors; however, banking sector stocks largely remained unharmed. Tuesday’s correction was due as the index has been accumulating gains ever since the start of the fiscal year 2021, and since then Kse-100 index has witnessed a strong rally, with index delivering a return of over 15%. The market participation remained at record levels of 593 million shares which is the highest volume since May 24, 2017. Moreover, the trading activity also improved as the total traded value clocked in at Rs.26.55 billion which has been the highest since June 1, 2017. During the session the KSE-100 Index lost 753 points from the intraday high at 40,330 points, and therefore slipped to its intraday low at 39,528.86. The index recorded a record volume of 377.24 million shares, marking surge from volume of 339.27 million shares in the previous session.The volume chart was led TRG Pakistan Ltd, followed by Power Cement Ltd and Pak Elektron Ltd. The scrips exchanged 45.62 million, 42.78 million and 41.72 million shares, respectively. The sectors which dented the index included Cement with 97 points, Oil & Gas Exploration Companies with 51 points, Technology & Communication with 50 points, Oil & Gas Marketing Companies with 39 points and Pharmaceuticals with 32 points. Among the scrips, the most points taken off the index was by Lucky Cement Ltd which stripped the index of 49 points followed by TRG Pakistan Ltd with 33 points, Oil & Gas Development Company Ltd with 32 points, Pakistan State Oil with 26 points and The SEARL company Ltd with 24 points.However, Sectors which continued to add value to the index were Commercial Banks with 45 points, Investment Banks with 43 points, Leather & Tanneries with 3 points, Paper & Board with 2 points and Vanaspati & Allied Industries with 1 points. Among the scrips, the most points added to the index was by United Bank Limited which contributed 71 points followed by Dawood Hercules Corporation Limited with 32 points, Engro Corporation Limited with 12 points, AGP Ltd with 12 points. Global markets: Global stocks were mixed on the back of mixed economic data as investors avoided surging covid-19 cases and its economic fallout. Investors are still reeling off of sharp fears last week over negative U.S. GDP, which plunged by a record 32.9% in the second quarter defying market expectations. The data from the Bureau of Economic Analysis dented any hopes of economic revival as it exposed the devastating impact of covid-19 on world’s largest economy.In Asia stocks continued to rally on Tuesday over positive industrial output data. On Monday, private survey showed China’s manufacturing activity expanded in July. The Caixin/Markit manufacturing Purchasing Manager’s Index came in at 52.8 for July, above expectations for a reading of 51.3 by economists. PMI readings above 50 signify expansion, while those that fall below that figure indicate contraction. After yesterday’s dismissal performance, Hong Kong’s Hang Seng index surged 2% on the day to 24,946.63, while the Nikkei 225 gained 1.7% to close at 22,573.66. South Korea’s Kospi index gained 1.29% to close at 2,279.97. Meanwhile, Chinese stocks were mixed on the day, but fell flat with Shanghai composite closing 0.11% higher to about 3,371.69. In Europe, stocks pulled back after yesterday’s gains as investors reacted to a slew of corporate earnings, after positive manufacturing data around the world drove stocks higher to start the week. Most of the stocks were boosted by positive manufacturing data out of the euro zone. Stocks advanced after July’s final IHS Markit manufacturing PMI reading showed manufacturing activity across the euro zone expanded for the first time since early 2019, as demand recovered following months of covid-19 induced lockdown. Following positive data, CAC-40 and UK’s FTSE-100 continued the positive momentum, however Germany’s DAX closed 0.25% lower following Bayer stocks slump by 2.1% after the German drugs and pesticides company posted a $11.2 billion net loss for the second quarter, hit by a $10.9 billion settlement for U.S. law suits alleging that its weedkiller Roundup caused cancer.In the U.S, stocks aimed at building upon its four-month winning streak after Wall Street, but investors continued to bet upon $1.1 trillion covid-19 package as the U.S lawmakers continue to struggle to make inroads to end the deadlock. The Dow Jones Industrial Average gained 90 points, or 0.34%, while the S&P 500 advanced 0.16%. The tech heavy Nasdaq Composite was flat and stood lower by 0.10%.