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Boeing shares plunge after plane crash

The crash of a 737-800 belonging to China Eastern Airlines caused shares of Boeing and its component suppliers to drop.

Boeing shares plunge after the plane crash - 1

On March 21, shares of aircraft maker Boeing fell as much as 5.6%.

Specifically, the share price of aircraft engine supplier GE fell 1%, and component suppliers Spirit AeroSystems Holdings, Hexcel Corp and Triumph Group also fell by 1-4%.

China has a high reputation for aviation safety. There have been no fatal plane crashes in recent years – airlines have flown millions of hours without incident. The 737-800 crash is China’s first commercial disaster in 10 years. In particular, the crashed Boeing is considered one of the safest aircraft ever built.

The last fatal plane crash in the country occurred in 2010. According to the Aviation Safety Network (ASN), Henan Airlines’ Embraer SA plane with 96 people on board crashed in Yichun, to the east of the country. Northeast China, killing 44 people.

China’s biggest air disaster occurred in 1994. A Tupolev Tu-154 of China Northwest Airlines crashed while en route from Xi’an to Guangzhou. All 160 passengers on board were killed.

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