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Malaysian Airlines Shares Fall Amid Unproductive Investigation

Yifan Zhu |
March 10, 2014 | 12:43 a.m. PDT

(Malysian aircraft similar to the lost plane/Wikipedia)
(Malysian aircraft similar to the lost plane/Wikipedia)
Three days into the search for Flight 370, Malaysian Airlines shares took another fall as the search for the plane still yielded no results. The stock has sunk eight percent by the end of Sunday, leaving a dent on the financially struggling carrier.

Malaysian Airlines shares declined after Flight 370 went missing on its way from Kuala Lumpur to Beijing two days ago. The Boeing 777, which was carrying a total of 239 people on board, lost contact with ground control about two hours after takeoff.

The jetliner was carrying 227 passengers and 12 crew members, of which 153 were Chinese citizens. Three U.S. citizens were also on board, according to Bloomberg

So far, there hasn’t been any update on the location of the missing flight, said Malaysian Airlines in its latest press release. Search and rescue teams from Australia, China, Thailand, Indonesia, Singapore, Vietnam, Philippines and the United States are assisting.

The on-going investigation has opened up various theories as to what might have happened to one of the safest Boeing models flying in clear weather. On Saturday, one Vietnamese aircraft reported to have spotted what could be a door of the troubled jet. That could indicate a mid-way disintegration case, one investigator told Reuters

A day earlier, the Vietnamese governmentsaid the 14-mile long oil slick that was spotted off Vietnam’s southern coast was "consistent" with spills of a crashed jetliner. The sample is now being analyzed.

Malaysian investigators also said four passengers used fake passports to board the flight. This fueled speculation that the flight could have become the target of a terrorism attack, said Nikkei Asia

In Beijing, relatives and friends of those missing have been told by Malaysian Airlines representatives to "prepare for the worst" Families who have gone sleepless for days are staying in a hotel in Beijing, where Malaysian Airlines officials have held several briefings without offering any substantial progress on the search. Malaysia Airlines will fly the first batch of families of passengers to Kuala Lumpur on Monday for the latest updates.

Despite a good safety record before the accident, the airline suffered four quarterly losses last year. It lost a total 4.13 billion ringgit ($1.3 billion) over its past three financial years, and has been slashing costs to recoup profit. 



 

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