Cathay Pacific shares down after profit warning

HONG KONG (Reuters) - Cathay Pacific Airways (0293.HK) shares were down 6.3 percent at HK$9.10 shortly after the market opened, hit by the airline's warning of disappointing 2008 earnings due to weak revenue and fuel hedging losses.

The stock had been up before the opening session by as much as 3 percent with investors focusing more on the drop in oil prices.

Hong Kong's dominant airline estimated its unrealized mark to market losses as of the end of December 2008 at HK$7.6 billion ($980.5 million).

The increase in the losses was due to a substantial reduction in oil prices for the three months ended in December, Cathay said.

Shares in the carrier have fallen by more than half over the past year.

(Reporting by Nerilyn Tenorio; editing by Jacqueline Wong)