Ghost month spooks investors

Business Asia, August 30, 1999

Singapore's economic recovery is expected to stall this month -- not because of any underlying financial jitters, but because of a centuries-old Taoist tradition.

Known as Hungry Ghost Month, the seventh lunar month is when the Gates of Hell are thrown open, freeing spirits to wander the earth in search of mischief.

The month, which this year began on August 15 and ends on September 9, is looked upon with dread by many Singaporeans, who believe everything from weddings to share offerings will be jinxed. Many among the Chinese who dominate the island's 4 million population avoid showy events which might attract bad luck.

"In general, people don't like to register their cars during Hungry Ghost Month. Put it this way, they don't try to have any good things -- like weddings -- during that time," said A.C. Neo, Tan Ching's executive director.

For the property market, the arrival of hungry phantoms could spook the industry's recovery.

"The Chinese are so superstitious that even if they spot something in the property market, they will hold back from buying it in the seventh month for fear of bad luck," said Teh Ban Lian, vice chairman of Chesterton International Property Consultants.

Other businesses are also bracing for a bad month.

Offerings to the gods might be aplenty, but there aren't likely to be any on the stock market.

All initial public offerings are on hold, after underwriters completed about two dozen this year before the start of ghost month.