China Eastern shares sink on partnership with Ctrip

New York and HK investors, however, cheer the agreement

Shares of China Eastern Airlines Corp Ltd tumbled 5.29 percent in Shanghai on Friday to close the week at 6.27 yuan (96 cents) per share despite a partnership agreement announced a day earlier with the online travel giant Ctrip.com International Ltd.

Under the deal, Ctrip pledged to purchase 3 billion yuan worth of China Eastern's A shares.