While it is difficult to anticipate unanticipated events, investors could become increasingly concerned about oil, earnings and interest rates -- the trio of trepidation -- in the traditionally weak third quarter.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

The dollar is a mess, interest rates appear to be on the rise, oil prices are going up and some earnings are looking weaker - it all adds up to bad news. I'm taking some profits on certain stocks, but it's not time to go running for the exits just yet.

Despite uncertainties on interest rates and oil prices during 2005, about 70 companies would be listed on the main board and the Growth Enterprise Market this year and funds raised could reach HK$192 billion.

Despite uncertainties on interest rates and oil prices during 2005, about 70 companies would be listed on the Main Board and Growth Enterprise Market (GEM) this year and the amount of fund raised could reach 192 billion Hong Kong dollars (24.61 billion U.S. dollars).

Investors are more sensitive to negative headlines after seeing interest rates and oil prices rise.