The Great Crash
INVESTORS BURN INCENSE FOR LUCK
By Maureen Koh
October 20, 2008 Print Ready Email Article
WHEN you're swimming in a sea of red, when nothing, not even rescue packages initiated by governments around the world, seem able to stem the bleeding in markets, what are you going to do?
Click to see larger image
TNP PICTURE: KELVIN CHNG
Pray.
Desperate investors, it seems, are seeking intervention of another kind by heading to the temples to pray for the recovery of their investments.
A check by The New Paper on Sunday found seven out of 10 people who walked out of the Kwan Im Thong Hood Cho Temple had the shaky stock market and their investments on their mind.
The team spent five hours each on three days at the Waterloo Street temple, where thousands of devotees - and tourists - visit each day to pray for blessings from the Goddess of Mercy.
Temple workers say they have seen a surge in the number of worshippers after the markets dived.
After offering prayers, many proceed to shake a bamboo or metal cylinder until a fortune stick - which bears a number - falls out.
The stick is then exchanged for an oracle - a pink slip of paper with a corresponding number.
The writing on the paper spells the worshipper's fortune or misfortune.
Businessman Y H Low, 53, said: 'Who else can we trust now?
'The way I see it, only heaven can help us pull through this crunch.'
Mr Low declined to give more details of his 'close to a million-dollar loss' but added: 'I don't think I can recover even 10 per cent of that.'
But the oracle he has drawn offered a possible 'light at the end of the tunnel', he said.
Cheered by the thought, Mr Low left the makeshift table, where the divination interpreter sat, with a relieved smile.
But not everyone who stopped at the table was as lucky. An elderly couple, who refused to be interviewed, returned to the temple to offer more prayers.
Said the divination interpreter, who wanted to be known only as Mr Teo: 'They got a 'xia-xia qian' (bad lot) which means they're likely to lose everything.'
The man, who has been practising his trade at the spot for more than 10 years, claimed he was not surprised by the surge of advice-seeking devotees. His 'work station' comprises just one table and some stools, two traditional Chinese books and pink pieces of paper with Chinese scripts.
Mr Teo said: 'When all else fails, who else can you turn to but the Goddess of Mercy? They believe the divination lots they draw from here can offer a solution for them.
'It's like their last chance and they'll come, praying and hoping for a miracle.'
Plying his trade further down the five-foot way is Mr Tan Lai Wai.
The Hong Kong-born fortune-teller, 60, said: 'It's not just the Chinese; I've got Eurasian and even Indian customers who approach me for advice.'
They are usually accompanied by Chinese friends, who act as translators.
Mr Tan admitted he 'knows nuts about investing in stocks'. 'But it's okay because they're usually more interested in the forecast of their remaining luck cycle.'
Among those there was retiree Mr Robert Ng, 69, who was feeling 'horrible heart pain' from his estimated $200,000 losses.
Mr Ng, who used to work as a regional sales manager for an electronics company, said: 'Luckily I didn't play the market with all my savings or else I dare not imagine what will happen now.'
His worry now is that he may be unable to help his youngest son with his wedding expenses.
Said Mr Ng: 'He's getting married in February and I'd hoped to make more money so that I could help the couple.'
But the direction he was seeking seemed to evade him even after the reading.
With a heavy sigh, he said: 'I was advised to hold on to the papers as there should be a rebound. But I could end up losing more money.'
Asked if he intended to heed the 'advice', Mr Ng said: 'I still don't know.'
Financial consultant Raymond Ho had never believed in divination or visiting the temple to ask for good fortune. The downturn has changed that.
He skipped lunch to visit the temple with two colleagues.
Mr Ho, 30, said: 'Frankly, I was quite skeptical about coming here. But they (pointing to his colleagues) said I should.'
He insisted he was not looking for any 'miracle or solution'.
'I only wanted to know if it was time I looked for another job,' said Mr Ho, who has been working with an offshore bank for four years.
Psychologist Richard Lim is not surprised by the surge in number of believers.
Drawing an example from patients suffering from terminal illnesses, Dr Lim said: 'Often, such emotional issues attach believers to their faith.
'They feel a desperate need for a 'sure word' from the Divine, some sign so that they can look forward to tomorrow.'
Madam Wong Gek Choo, 55, a grandmother of four, is typical of such believers.
Said the housewife, who has invested and lost most of her savings: 'My daughter has her own family to worry about. I can share only that much of my woes with my husband, and he too, has lost money.'
For the past two weeks, she had been there every other day to spend an hour praying.
'Hopefully, the Goddess of Mercy will be moved by my prayers and bless me with a miracle,' she said.
Bad times are good for fortune-tellers
INVESTORS elsewhere are also increasingly turning to fortune-tellers.
At Hong Kong's Wong Tai Sin temple, soothsayers have been particularly busy in the past two weeks.
In a telephone interview, one of them, Mr Wealth Choi, told The New Paper on Sunday: 'I get about 30 more customers each day, and on weekends, I can get as many as 100 customers.'
Many of his customers are tourists, but the number of local visitors was up by about 40 per cent.
He said: 'Everyone's worried about the economy, the stock market. They want to know if their investments are sound, whether they will recover any money or if the situation will get better.'
In Thailand, Mr Luck Rakhanithes is a fortune-teller who dispenses financial advice by reading people's fortunes on primetime TV.
He sells 300,000 books and DVDs a year and runs a thriving call centre.
With his limited English, he told The New Paper on Sunday: 'People know that I don't have a financial background, but they have faith in me because of the accurate predictions I've made over the years.'
He added: 'It's bad news for others, but every time there's a crisis, it's a wonderful time for astrologers like me.'
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INVESTORS BURN INCENSE FOR LUCK
By Maureen Koh
October 20, 2008 Print Ready Email Article
WHEN you're swimming in a sea of red, when nothing, not even rescue packages initiated by governments around the world, seem able to stem the bleeding in markets, what are you going to do?
Click to see larger image
TNP PICTURE: KELVIN CHNG
Pray.
Desperate investors, it seems, are seeking intervention of another kind by heading to the temples to pray for the recovery of their investments.
A check by The New Paper on Sunday found seven out of 10 people who walked out of the Kwan Im Thong Hood Cho Temple had the shaky stock market and their investments on their mind.
The team spent five hours each on three days at the Waterloo Street temple, where thousands of devotees - and tourists - visit each day to pray for blessings from the Goddess of Mercy.
Temple workers say they have seen a surge in the number of worshippers after the markets dived.
After offering prayers, many proceed to shake a bamboo or metal cylinder until a fortune stick - which bears a number - falls out.
The stick is then exchanged for an oracle - a pink slip of paper with a corresponding number.
The writing on the paper spells the worshipper's fortune or misfortune.
Businessman Y H Low, 53, said: 'Who else can we trust now?
'The way I see it, only heaven can help us pull through this crunch.'
Mr Low declined to give more details of his 'close to a million-dollar loss' but added: 'I don't think I can recover even 10 per cent of that.'
But the oracle he has drawn offered a possible 'light at the end of the tunnel', he said.
Cheered by the thought, Mr Low left the makeshift table, where the divination interpreter sat, with a relieved smile.
But not everyone who stopped at the table was as lucky. An elderly couple, who refused to be interviewed, returned to the temple to offer more prayers.
Said the divination interpreter, who wanted to be known only as Mr Teo: 'They got a 'xia-xia qian' (bad lot) which means they're likely to lose everything.'
The man, who has been practising his trade at the spot for more than 10 years, claimed he was not surprised by the surge of advice-seeking devotees. His 'work station' comprises just one table and some stools, two traditional Chinese books and pink pieces of paper with Chinese scripts.
Mr Teo said: 'When all else fails, who else can you turn to but the Goddess of Mercy? They believe the divination lots they draw from here can offer a solution for them.
'It's like their last chance and they'll come, praying and hoping for a miracle.'
Plying his trade further down the five-foot way is Mr Tan Lai Wai.
The Hong Kong-born fortune-teller, 60, said: 'It's not just the Chinese; I've got Eurasian and even Indian customers who approach me for advice.'
They are usually accompanied by Chinese friends, who act as translators.
Mr Tan admitted he 'knows nuts about investing in stocks'. 'But it's okay because they're usually more interested in the forecast of their remaining luck cycle.'
Among those there was retiree Mr Robert Ng, 69, who was feeling 'horrible heart pain' from his estimated $200,000 losses.
Mr Ng, who used to work as a regional sales manager for an electronics company, said: 'Luckily I didn't play the market with all my savings or else I dare not imagine what will happen now.'
His worry now is that he may be unable to help his youngest son with his wedding expenses.
Said Mr Ng: 'He's getting married in February and I'd hoped to make more money so that I could help the couple.'
But the direction he was seeking seemed to evade him even after the reading.
With a heavy sigh, he said: 'I was advised to hold on to the papers as there should be a rebound. But I could end up losing more money.'
Asked if he intended to heed the 'advice', Mr Ng said: 'I still don't know.'
Financial consultant Raymond Ho had never believed in divination or visiting the temple to ask for good fortune. The downturn has changed that.
He skipped lunch to visit the temple with two colleagues.
Mr Ho, 30, said: 'Frankly, I was quite skeptical about coming here. But they (pointing to his colleagues) said I should.'
He insisted he was not looking for any 'miracle or solution'.
'I only wanted to know if it was time I looked for another job,' said Mr Ho, who has been working with an offshore bank for four years.
Psychologist Richard Lim is not surprised by the surge in number of believers.
Drawing an example from patients suffering from terminal illnesses, Dr Lim said: 'Often, such emotional issues attach believers to their faith.
'They feel a desperate need for a 'sure word' from the Divine, some sign so that they can look forward to tomorrow.'
Madam Wong Gek Choo, 55, a grandmother of four, is typical of such believers.
Said the housewife, who has invested and lost most of her savings: 'My daughter has her own family to worry about. I can share only that much of my woes with my husband, and he too, has lost money.'
For the past two weeks, she had been there every other day to spend an hour praying.
'Hopefully, the Goddess of Mercy will be moved by my prayers and bless me with a miracle,' she said.
Bad times are good for fortune-tellers
INVESTORS elsewhere are also increasingly turning to fortune-tellers.
At Hong Kong's Wong Tai Sin temple, soothsayers have been particularly busy in the past two weeks.
In a telephone interview, one of them, Mr Wealth Choi, told The New Paper on Sunday: 'I get about 30 more customers each day, and on weekends, I can get as many as 100 customers.'
Many of his customers are tourists, but the number of local visitors was up by about 40 per cent.
He said: 'Everyone's worried about the economy, the stock market. They want to know if their investments are sound, whether they will recover any money or if the situation will get better.'
In Thailand, Mr Luck Rakhanithes is a fortune-teller who dispenses financial advice by reading people's fortunes on primetime TV.
He sells 300,000 books and DVDs a year and runs a thriving call centre.
With his limited English, he told The New Paper on Sunday: 'People know that I don't have a financial background, but they have faith in me because of the accurate predictions I've made over the years.'
He added: 'It's bad news for others, but every time there's a crisis, it's a wonderful time for astrologers like me.'
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