Boeing shares fell over 1% in early afternoon trading on Monday following a deadly crash involving a Jeju Air 737-800. South Korea’s Acting President Choi Sang-mok ordered an emergency safety inspection of all 737-800 planes operated by domestic carriers. The crash at Muan International Airport killed 179 of 181 passengers. The plane landed without deploying its landing gear, skidded off the runway, and hit a wall, igniting a fire. Two crew members survived. The pilot had reported a bird strike and attempted a go-around before declaring a “Mayday.” The U.S. National Transportation Safety Board, along with Boeing and engine manufacturer CFM International, are assisting in the investigation. The 737-800 model, with about 4,400 in service globally, has a strong safety record. Jeju Air, the largest operator of this model in South Korea, saw its shares drop 8.65% to an all-time low. The airline has $1 billion in insurance coverage for the aircraft involved.
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