Shipping lines retreated as the Baltic Dry Index, which gauges freight costs fell 8.7%. China Shipping Development fell 7.22% and China Cosco tumbled 6.4%.

Airlines further dropped as crude oil prices hovered above $136 a barrel. Cathay Pacific Airways declined 1.8%, but China Southern advanced 2.8% on an agreement by China and Taiwan to have direct flight between the two countries.

Tsingtao Brewery shed 4.9% as investors were unnerved by InBev''s $46 billion bid for its competitor Anheuser-Busch.

MetLife applies for integration in China

China Daily reported today that US life insurer MetLife has applied to the China Insurance Regulatory Commission for permission to integrate its ventures in China.

Asian markets

In Tokyo Nikkei 225 Index closed higher 85.13 or 0.61% to 13,973.73, in Hong Kong Hang Seng index decreased 431.56 or 1.87% closed to 22,592.30. In Australia ASX 200 index higher 48.90 or 0.92% to close 5,378.10. In Malaysia KL Composite index increased 3.81 or 0.31% closed to 1,229.35.

In South Korea Kospi Index increased 7.99 or 0.46% to close at 1,747.35, in Thailand SET index closed lower 8.16 or 1.03% to 782.64 and Indonesia JSE Index edged decreased 10.59 or 0.44% to 2,398.42. Sensex index in India decreased 60.58 or 0.40% to 15,189.62.