Ghost month casts gloom on stocks

The stock market was flat yesterday as investors opted to be cautious on the first day of the so-called ghost month.

The main composite index eased 0.80 points, or 0.01 percent, to finish at 8,015.93 while the broader All Shares index gained 2.32 points, or 0.05 percent, to finish at 4,737.16.

The rest of the counters were a mixed bag. The indus- trial, holding firms and mining and oil counters ended up while the financials, services and property indexes all closed in negative territory.

Total value turnover was thin at P6.12 billion. Market breadth was negative, 112 to 91 while 37 issues were left unchanged.

Traders said market investors are wary of the ghost month which will run until Sept 19.

Despite the market’s lackluster performance, shares of listing gaming company Philweb Corp. bucked the downward trend.

Philweb shares closed at P11.12 yesterday, up 17.18 percent.

This after the company official disclosed that it would soon be able to operate again after receiving the green light from the Philippine Amusement and Gaming Corp. (Pagcor) to become a service provider.

The STAR reported on Sunday that Philweb, now owned by businessman Gregorio Araneta III, said it has received the Provisional Certificate of Accreditation as an Electronic Gaming System (EGS) service provider.