Boeing Shares Decline Following South Korea's Inspection Order for 737-800 Aircraft

Investing.com -- Boeing shares are showing a decline in pre-market trading on Monday, following South Korea's decision to initiate inspections of all 737-800 aircraft involved in the fatal accident with Jeju Air last weekend.

South Korea's Acting President Choi Sang-mok instructed the transport ministry to conduct an urgent safety review of the country's entire aviation operation system. Additionally, officials from the Ministry of Land, Infrastructure and Transport (MOLIT) indicated their intention to carry out a comprehensive special inspection of the B737-800.

The full details of the accident, in which 179 of the 181 people on board lost their lives, remain unclear. The aircraft landed at South Korea’s Muan International Airport without proper landing gear, veered off the runway, and caught fire after hitting a wall. The two crew members rescued from the wreckage were the only survivors of the accident.

In an update on Monday, MOLIT stated that the aircraft's pilot reported a "bird strike" just minutes after the airport control tower issued a warning about bird activity. According to NBC News's translation, MOLIT's director of aviation safety policy, Yu Kyung-soo, noted that the pilot also informed the control tower of a "go-around," indicating a canceled landing attempt, and made a "Mayday" call.

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