NEW YORK -- The printed circuit board market increased only marginally in July, disappointing analysts and suggesting a possible peak, a Wall Street trading firm said.

Ticonderoga Securities' PCB Barometer reported unconsolidated sales of NT$12.54 billion dollars, up 0.2% sequentially and below the average increase of 5.6% experienced between 2005 and 2009.

The firm's model includes nine top Taiwan-based PCB fabricators with an annualized revenue run rate of approximately $4.71 billion in July.

"The below-average performance in July after a modest disappointment in June further highlights the slowdown in upside momentum that began in May," Ticonderoga said. "Looking into August, aggregate unconsolidated sales have historically experienced an average increase of 7.9%."