Boeing’s Stock Drops Following Plane Crash in South Korea

Last quarter, Boeing reported a larger-than-expected loss for the third quarter of this year.

Boeing’s stock dropped 2.16% on Wall Street at pre-market operations on Tuesday following an announcement from South Korea’s Ministry of Transport about an investigation into the country’s fleet of Boeing 737-800 aircraft. The probe was initiated after a domestic plane crash over the weekend.

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A Jeju Air flight traveling from Thailand to South Korea landed without its landing gear and burst into flames at Muan International Airport on Sunday.

Authorities, who have yet to determine the cause of the crash, are investigating factors such as a bird strike and a potential malfunction in the aircraft’s control system.

South Korea’s Ministry of Land, Infrastructure, and Transport stated that the aircraft’s pilot reported a “bird strike” shortly after receiving a warning about bird activity.

Investigation Outlook

Acting South Korean President Choi Sang-mok reportedly instructed the Transport Ministry to conduct an emergency inspection of the operational systems of all airlines in the country.

The ministry plans to inspect all 101 Boeing 737-800 planes operated by South Korean airlines.

“We will transparently disclose the progress of the crash investigation, even before the final results are published, and keep the victims’ families informed,” Choi said.

Boeing 737-Max Scrutiny

Earlier this year, a Boeing 737-9 Max operated by Alaska Air experienced a structural failure mid-flight.

The incident led to the temporary grounding of the aircraft model and an investigation by the Federal Aviation Administration (FAA).

In July, Boeing agreed to plead guilty to a charge of conspiracy to commit fraud related to the 2018 Lion Air crash and the 2019 Ethiopian Air crash, according to a BBC report at the time.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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