Boeing shares fall; South Korea orders probe after plane crash

JejuAir Co

30/12/2024 18:21

(Updates)
    ** Shares of planemaker Boeing  BA.N  pare some premarket
losses to trade down ~2% to $177.29
    ** A Boeing 737-800 jet operated by South Korea's JejuAir
 089590.KS  crashed on landing at Muan International Airport on
Sunday, killing 179 people.
    ** Investigators are examining bird strikes, whether any of
the aircraft's control systems were disabled, and the apparent
rush by the pilots to attempt a landing soon after declaring an
emergency as possible factors in the crash, officials have said.
    ** "While the cause of the crash remains under
investigation, it brings more reputational damage in what has
been a dismal year for the group", says Aarin Chiekrie, equity
analyst, Hargreaves Lansdown.
    ** "Aside from the obvious name association of being a
Boeing 737 (more specifically a 15-yr old 737-800), the tragic
crash of Jeju Air flight 2216, should have no read-through to
Boeing’s stock and the plane maker’s current struggles to ramp
up its production of the 737MAX." - Wolfe Research analyst,
Myles Walton
    ** South Korea's acting President Choi Sang-mok on Monday
ordered airline safety probe after worst domestic crash
    ** As of last close, shares down 32% YTD

 (Reporting by Sanchayaita Roy and Aatreyee Dasgupta in
Bengaluru)
 ((sanchayaita.roy@thomsonreuters.com))