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Boeing shares fall after 737 plane crashes in Southern China -Breaking

by Mike Robinson

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© Reuters. At the China International Aviation and Aerospace Exhibition (Airshow China), a woman passes by a Boeing logo in Zhuhai. Guangdong, China. September 28th, 2021. REUTERS/Aly Song

(Reuters) – Boeing (NYSE) Co Shares fell 8% prior to the bell Monday when its plane belonging to China Eastern Airlines(NYSE:) with 132 people aboard crashed in the mountains south of China.

Media reported that no survivors were found by rescue crews. Boeing stated that it is gathering more information.

China Eastern Airlines released a statement saying that it could confirm that the plane had crashed. U.S.-listed shares fell 15.8%

According to Flightradar24 and a predecessor of the 737 MAX, the jet that was involved in the accident was a Boeing 737-880 aircraft which had been six years old.

According to the manufacturer’s website, this popular 737-880 variant can seat up to 189 passengers and comes with a CFM56 engine.

A joint venture made the engines. General Electric France and Co (NYSE:) Safran (PA:) SA.

After two deadly crashes in Indonesian and Ethiopia, Boeing’s 737 MAX aircraft were grounded in China, the largest aviation market in the country.

Boeing is focusing on the plane as a key component of its health and recovery, which has increased production in response to a rebounding travel demand.

Boeing shares were lower trading at $177.40 while China Eastern’s American depositary receipts were at $15.89.

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