HK shares drop 1.9 pct in five-day slide

* China Eastern slides after profit warning

* Casino stocks pullback after recent rally

* Commodity counters drop on lower oil prices

(Updates to midday)

By Parvathy Ullatil

HONG KONG, Jan 12 (Reuters) - Hong Kong shares fell for a fifth straight session on Monday, matching a similar selloff in October when the market plumbed its year low, as investors turned risk-averse, spooked by record U.S. jobless numbers.

Shares in China Eastern Airlines (0670.HK), one of the country's big three carriers, slid 7.1 percent to HK$1.04 after the airline said it would report a large loss for 2008 because of slumping traffic and losses on fuel price hedging contracts.

The airline estimated it would suffer a loss of about 6.2 billion yuan ($908 million) because it had marked down the value of its fuel hedging contracts after the unexpectedly steep drop of global oil prices late last year [ID:nSHA123458].

Bigger rival Air China (0753.HK) slipped 6.7 percent while China Southern Airlines (1055.HK) gave up 3.7 percent, dodged by worries of shrinking traffic amid a global downturn.