Philippine stocks, on its first trading session for the week, registered its 38th record close for the year on the back of continued Christmas season rally.

Philippine Stock Exchange, on the first trading session for the week, climbing a bit by 0.15 percent, or 8.89 points to a record close of 5,832.83, while the broader all shares rose to 0.27 percent, or 9.83 points to 3,710.33.

Astro del Castillo, managing director of First Grade Finance, said in a phone interview that the record close was brought by the continued Christmas rally. He also said, however, that the local market may still experience correction before the year ends because the value turnover on Wednesday’s session is quite lower than that of the previous sessions.

Harry Liu, president of Summit Securities Inc., on the other hand, said that the local market is indeed prone to correction before the year ends especially if it will go up in today’s (Thursday) session.

“Basically, we’re looking at the next two days to be within the same level,” he added.

He also said that it is important to take note of the situation in the US because the decision on the US budget deficit will play a crucial role toward the last few sessions for the market and other regional markets in the world for this year.

Liu, however, said that if ever the market rushed to a positive end, then market observers can expect a more aggressive trend for the local index.

All the sub-indices were also in green, led by the services counter, which improved by 0.53 percent, or 9.10 points to 1,741.31, followed by the financials, which upped 0.39 percent, or 5.92 points to 1,532.67.

Holding firms was also positive at 0.33 percent, or 16.86 points to close at 5,165.56, while mining and oil inched up by 0.09 percent, or 16.56 points to 19,286.17. Industrial and property were flat at a close of 8,823.84 and 2,317.83, respectively.