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The shares of American airline manufacturer Boeing Co. dropped by almost 5.3 per cent at the opening of Wall Street today, following the crash of Jeju Air’s 737-800 aircraft in South Korea on December 29. 

At the US market opening, Boeing Co. shares dropped 5.3%; however, as of 12:15 pm (EST) on Monday, the stock is 1.73 per cent lower at $177.71, down from $180.72 at the previous market closing last week. Following the early trading session, the shares partially recovered their losses.

The markets saw a sell-off among large tech companies on Monday as a result of high treasury rates, which caused Wall Street to open lower.

According to media reports, Korean authorities have officially mandated a “comprehensive inspection” of every Boeing 737-800 aircraft flown by the nation’s airliners following the Jeju tragedy.

Jeju Flight Crash

On Sunday, a Jeju Air flight from Bangkok was attempting to land at Muan International Airport. The first landing attempt was aborted for unknown reasons. During the second attempt, the pilots received a bird strike warning.

As the low-cost South Korean airline continued its second landing attempt, the pilot declared an emergency. The aircraft landed without its front landing gear, causing the belly of the plane to scrape along the runway. The aircraft then slid across the runway, overshooting the area and crashing into the airport’s perimeter wall.

Of the 181 people aboard, 179 tragically died at the scene of the accident on Sunday, while the two remaining crew members were taken to hospital in a bid to save their lives. Both crew members suffered severe injuries to various parts of their bodies, with one appearing disoriented as they were being examined by the doctor.

This crash marked South Korea’s worst airline disaster in decades, sparking an outpouring of grief both within the country and globally.

Another Jeju Air flight, which took off in South Korea on Monday, was forced to return to its departure airport, reportedly due to the same landing gear issue involved in the fatal crash at Muan International Airport, according to local media reports.

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