(UPDATE) Stocks close lower as 'ghost month' spooks investors

MANILA, Philippines (Xinhua) - The Philippine stock market closed lower today as the country has entered the so-called "ghost month."

The bellwether Philippine Stock Exchange index lost 0.57 percent or 39.08 points to 6,850.47. The all-share index also declined by 21.01 points, or 0.51 percent, to 4,108.88.

Trading volume reached 928.47 million shares worth P4.55 billion ($105.18 million) with 121 stocks declining, 52 advancing, and 46 were unchanged.

All six counters were down.

The Hungry Ghost Festival, which started on July 27 and is expected to end on August 24, is among the forces that created a stir in the local equities, analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said external concerns have also continued to dampen investors' collective mood last week, preventing the local equities from making any successful rally.

"Hopefully, a flood of domestic data will be able to drown, or at least mute, the long-standing external influences that have tempered market activity and kept share prices in a narrow range," he said.

Any news from the local central bank will also be a welcome development. If authorities decide to hold in abeyance any tweaks ahead of the July inflation, Calaycay said this would help keep the market on an even keel.

"Otherwise, funds may consider other alternatives putting downward pressure on equity prices," he said.

Stocks in the 30-company index closed mixed. Among those sold down were Megaworld Corp., Ayala Corp., and Ayala Land, Inc.