The ill-fated plane is the first in the new 737 model to have crashed, the worst such incident in about three years
The selloff triggered by the accident wiped out several millions of dollars from Boeing’s market value, paring most the gains that came off after last week’s better-than-expected earnings report. The stock has been under pressure following reports that President Donald Trump is planning to impose a fresh round of tariffs on Chinese imports if the talks between Washington and Beijing fails.
“Boeing is providing technical assistance at the request and under the direction of government authorities investigating the accident,” said an official statement from the company. With a significant number of new orders in the pipeline, Lion Air is one among the most valued customers of Boeing.
Boeing shares opened Monday’s session higher but lost about 7% as trading progressed, marking the biggest intraday fall in about two-and-half years and defying the strong gains made by the Dow Jones Industrial Average. Earlier, the stock has climbed to an all-time high in the first week of October, but retreated in the following days.