Golden week may provide cue for profit taking This week could be a good time to take some profits off the table as mainland markets close for the National Day golden week holiday and region-wide third-quarter corporate profit reports inject a dose of realism into share prices. Hong Kong markets and businesses will be closed for the National Day today, while the mainland markets will remain shuttered all week. Although more mainlanders are travelling overseas for pleasure, the break is likely to benefit Hong Kong and Macau the most as holidaymakers look to spend, or lose, their extra cash. Hong Kong's stock market and bourses around the region have logged healthy gains in the past month. However, much of those gains have been built on speculation. Mainland investors are expected to pump money into the Hong Kong market and lower United States interest rates should spur exports to the west, and so the mainland growth story is keeping investors optimistic. Dollar and oil add to pressures While third-quarter profits are expected to be reasonable, largely because the mainland's growth indeed does continue to churn, corporates could begin to show the wear and tear of high energy costs and a weaker dollar. Asia firms will begin opening their books and offer a look at the impact of the US economic woes and high oil prices. Crude oil is back above US$83 a barrel and near its historic highs as speculators worry whether the northern hemisphere has built up sufficient winter stocks. Prices could climb higher if fuel inventory reports add heat to existing fears. The weak US dollar is also playing a role as traders have to bid up the price of oil to make up for the softer currency. The sharp depreciation of the greenback is also boosting the price of gold - now about US$738 an ounce and near 28-year highs. Oil and gold prices are set to remain strong if the greenback stays in the sick bay. IPOs keep rolling in There is a handful of companies coming to the market this week to cash in on the buoyant mood. Dah Chong Hong Holdings, the car and food distribution unit of conglomerate Citic Pacific, will take its planned HK$4.3 billion share offering to the public on Thursday, giving investors the chance to join cornerstone investors Li Ka-shing, Cheng Yu-tung and Lee Shau-kee. Also on Thursday, shares of DaChan Food, a chicken-meat supplier, will make their debut. The company is planning to raise HK$930 million. Xinjiang Xinxin Mining Industry, the country's second-largest nickel cathode producer, will be knocking on doors this week to market its initial public offering. It hopes to raise up to HK$3.9 billion. Japan is preparing for its biggest initial public offering of the year with Sony Corp selling shares in its insurance unit. Shares of Sony Financial Holdings are to be priced today. Sony is hoping to raise some US$3 billion, although it cut the size of its offering last month.