MARKET TURMOIL, MENTAL TURMOIL
S'pore psychiatrists seeing more patients who are... ANXIOUS, CAN'T SLEEP, CAN'T FOCUS
By Andre Yeo, Tay Shi'an and Cheryl Teo
January 27, 2008
JUST weeks ago, he was over the moon with huge profits from the stock market.
Then days ago, the 40-something Singaporean man found himself with a huge $100,000 loss.
With fortunes changing so drastically in such a short time, it's no wonder people are going mad, literally.
Some psychiatrists and counsellors told The New Paper that they are already seeing more patients as a result of the current stock market turmoil.
Others said that while it's early days now, they are keeping a 'market watch' on share prices, because if the situation worsens, they fear people might lose their jobs, would not be able to pay their loans, and suffer depression or anxiety attacks.
Dr Calvin Fones, a consultant psychiatrist at Fones Clinic in Gleneagles Medical Centre, said he has seen two patients this week for depression. He said that one of his patients, an executive in his late 40s, found himself suddenly saddled with $100,000 in realised losses.
Dr Fones said: 'He played on margin... Now, he's paying by rolling credit from his credit cards.'
The psychiatrist said that the patient, whom he saw three days ago, suffered from typical symptoms of anxiety, such as incessant worry, heart palpitations, sleeplessness and a lack of concentration at work.
IRRITABLE
One of the first things he said at the clinic was: 'I told myself I should have stayed out of it (the stock market), but I didn't.'
Relating a similar case is Dr Ang Yong Guan, a consultant psychiatrist and chairman of the Action Group for Mental Illness.
He said that two of his existing patients have poured their woes to him this week about the stock market - one on Tuesday and the second on Wednesday.
One of the men is an IT professional in his 30s, while the other is an engineer in his 40s.
Dr Ang said: 'They are not in a state of depression yet, but they are clearly moody, irritable and very distracted.'
He had asked the patients what was wrong, and that was when they opened up.
He said that for the man in his 40s, who is married and a father of two, the stress was compounded because he kept his losses a secret from his family.
The man did not tell Dr Ang the extent of the loss, but revealed that he had been buying the shares on margin.
Dr Ang said: 'He was very worried. He said if the stock market continues to go down, he may be forced to take an additional loan, or be forced to sell.
'He was afraid that his family might perceive him as gambling on the stock market, instead of investing prudently.
'He already suffered a money loss, he didn't want to suffer a reputation and image loss with his family.'
Counsellor Jonathan Siew, 37, of Care Corner Counselling Centre, said that while his centre has not received any calls for help yet, he and his colleagues are monitoring the stock market and international news to keep abreast of things.
He said it would be several months before they see the full effects of the stock market plunge.
BREAK DOWN
Mr Siew added: 'At this stage, it's still very early.
'They (those affected) might be looking at other financial sources for help, like their family members and friends.
'Most people are also still hopeful the market will rebound or stabilise.
'When they realise they can't deal with it, they will break down and come to us for help.'
Both Dr Ang and Dr Fones said that this latest round of patients are similar to those who consulted them after previous stock market crashes, such as 1987's Black Monday and 1997's Asian financial crisis.
Mr Siew, who has been a counsellor for seven years, said the effects of the 1997 were felt even two years later when they were still counselling those affected.
Men who suddenly lost their jobs felt useless when they had to stay home, while their wives went out to work.
He said that in order to help these people, the counsellors would focus on their achievements in life and not just their financial achievements.
He said: 'They could look back at the good things they did, like career achievements, the way they raised their children, or how they had helped others. They can then realise they are not as bad as they thought they are.'
This is to boost their self-esteem so that their finances are not all that define their self-worth.
Dr Ang advised that one should be 'mentally prepared' before entering the stock market.
He said: 'Those who are pessimistic and worry a lot, my advice to them is to stay clear of the stock market.
'If they're optimistic, stable, can take the stress of many ups and downs, they should have no problem. But they should be prepared for the worst-case scenario.'
Dr Fones also cautioned investors to not let emotions cloud logic.
He said: 'Remember that there is a difference between investment and speculation.'
He said that for some, the stock market was like a 'legalised casino' and playing with shares was a 'gambling addiction of sorts'.
He explained: 'People feel invincible when the stock market is doing well. When they lose money, they keep wanting to get back in to recover their losses.'
Dr Ang said that he is most worried for the group not seeking professional help, the 'undetected cases'.
CORNERED
'If a negative situation arises, they may be forced into a corner and do something silly on impulse like commit suicide,' Dr Ang said.
He is also concerned about those who are investing secretly.
'When forced into the open, they may be embarrassed, depressed, negative and unable to sleep. In this state of impaired judgement, they may do something silly,' he said.
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Panic spread all over the world
ASIAN markets were on a high in recent times. The economies of most countries in the region, including Singapore, were doing well.
But news from the US was not sobright.
There was concern that the US would be affected in a big way by the sub-prime crisis. Housing loans were given to people with bad credit and many banks lost money.
The global markets were worried that the fallout from the US housing market meltdown would force the world's biggest economy into recession and possibly lead to a global economic slowdown.
Last Thursday, the US stock market fell 3 per cent, even though the head of the US Federal Reserve Bank, MrBen Bernanke, had just told a congressional hearing that he supported the idea of a government 'stimulus package' after dismal earnings reports from major banks and corporations.
But the panic began to spread to markets all over the world.
It was caused by the realisation that if the US falls into a recession, it will sharply curtail its imports.
For Asia, this is crucial since many Asian countries depend on the US consumer market for its exports.
On Monday and Tuesday, all Asian markets suffered steep losses before rebounding on Wednesday and Thursday, after the US Fed slashed lending rates by 0.75 per cent.
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Helplines- Samaritans of Singapore: 1800-2214444
- Singapore Association for Mental Health: 1800-2837019
- Family Service Centre: 1800-8380100
- Care Corner Mandarin Counselling Centre: 1800-3535800
http://newpaper.asia1.com.sg/news/st...54603,00.html? 
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