Jeju plane crash: Boeing falls 4% in premarket as South Korea orders B737-800 inspection

boeing Shares fell about 5% in premarket trading on Monday after South Korea ordered inspections of all B737-800 planes, the model involved in the deadly Jeju Air crash over the weekend.

Acting President Choi Sang-mok Asks Transport Ministry to conduct emergency safety inspection of country’s entire airline operating systemWhile officials from the Ministry of Land, Infrastructure and Transport (MoLIT) said they would conduct a “comprehensive special inspection of the B737-800”.

Boeing’s New York-listed shares were down 4.7% in premarket trading, before paring losses to 3.6% as of 6:45 a.m. ET.

Uncertainty remains regarding the exact circumstances of the crash, which killed 179 of the 181 people on board. Boarded the flight on Sunday. The plane landed at Muan International Airport in South Korea without the correct gear, skidded off the runway and crashed into a wall before bursting into flames. The only survivors were two crew members who were pulled from the wreckage.

At Monday’s briefing, MOLIT said the plane’s pilot had mentioned a “bird strike” minutes after the airport’s control tower issued a warning of bird activity. The pilot also informed the control tower of “go-around” and declared “mayday,” referring to a failed landing attempt, said Yoo Kyung-soo, director of aviation safety policy at MOLIT, according to NBC News translation.

Two black boxes were recovered from the plane and have been sent for analysis. Meanwhile, the US National Transportation Safety Board is leading a team of US investigators, including the Federal Aviation Administration and Boeing, to assist South Korea’s Aviation and Railway Accident Investigation Board in investigating the crash.

MOLIT officials said Monday they were reviewing the concrete wall that the plane hit when the crash occurred.

They also said they would conduct a “comprehensive special inspection of the B737-800 models.”

The popular Boeing narrowbody aircraft has been in operation for nearly three decades, with development already underway US manufacturer’s troubled B737-Max jetA later iteration of the model.

MOLIT said on Monday the B737-800 is widely used by South Korean low-cost carriers, with Jeju Air the largest operator with 39 jets. Other operators include T’way Air, Jin Air, Easter Jet and Air Incheon, while flag carrier Korean Air has two models.

“We will check compliance with various regulations, including operational records, inspection and maintenance before and after flights,” Ju Jong-wan, director of the aviation policy office at MOLIT, said on Monday, according to an NBC News translation.

“We plan to review stronger regulations regarding bird strikes, which have been identified as a potential cause of accidents, especially for new airports under construction.”

A Boeing spokesperson told CNBC, “We are in contact with Jeju Air regarding Flight 2216 and stand ready to support them. We offer our deepest condolences to the families who lost loved ones, And our thoughts are with the passengers and crew.”

Local media reported Another Jeju Air plane of the same model returned to South Korea’s Gimpo Airport shortly after takeoff on Monday after a problem with its landing gear was reported.

At a press conference on Sunday, Song Kyung-hoon, head of Jeju Air’s management support office, said the airline would support the victims and their families, and that the plane was covered by $1 billion in insurance. According to news site Yonhap.

Song also denied that mechanical faults or inadequate safety preparations played a role in the accident.

“This accident is not about any maintenance issue. There can be no compromise when it comes to aircraft maintenance,” Song said.

Jeju Air shares hit an all-time low on Monday and closed 8.65% lower, according to FactSet data.

, CNBC’s Yeo Boon Ping contributed to this story.