The local stock market remained below the 6,400 level on sideways trading as investors wait for the release of the US inflation number. The main index eked out a 0.69 point or 0.01 percent gain to close at 6,379.72 as sectoral indices were evenly divided. Volume fell further to 333 million shares worth P2.82 billion as losers beat gainers 108 to 72 with 48 unchanged. “The local bourse opened the week flat as investors stayed on the sidelines ahead of a slew of eco data releases stateside and here at home,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that, “the main event this week is the U.S. June CPI due out on July 12. Meanwhile, the PH trade balance for May and OFW cash remittances are expected to be released by July 14.” Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse inched up amid a lack of strong catalysts. Overseas, investors were waiting for some economic data this week, particularly in the US.” “Throughout the session, the market experienced sideways movement, trying to breach the 6,400 old support level. However, the market lacked sufficient buyer strength to surpass the said threshold,” she noted. China Bank Capital Juan Paolo Colet said “the market was barely up on very low value turnover as investors remained cautious ahead of the US June inflation print.” “The index initially traded above 6,400 early in the day before succumbing to selling pressure that kept market in the vicinity of 6,380 for most of the session. The initial buying momentum dissipated as investors digested weak Chinese economic data — particularly flat consumer prices and a fall in producer prices — which indicate an increasing risk of deflation,” he added.