MAS shares hit record low after #MH370 jet disappearance

Shares of Malaysian Airline System (MAS) hit a record low on Monday after a Boeing 777 operated by the airline went missing over the weekend.

Shares in the ailing national airline fell almost 18 percent at the open, but regained some ground to be at 23 sen per share at 0123 GMT.

MAS posted a net loss of 1.17 billion ringgit ($359.12 million) in 2013 and could face damage to its reputation and a loss in bookings due to the missing airline, despite the carrier’s good safety record.

MAS, which counts state investor Khazanah KHAZA.UL as one of its major shareholders, is Malaysia’s second largest airline by market value, trailing only budget carrier AirAsia (AIRA.KL).

The Boeing (BA.N) 777, carrying 239 people, disappeared on Saturday from radar, less than one hour after leaving Kuala Lumpur for Beijing, China.

Officials investigating the disappearance of the airliner are narrowing the focus of their inquiries on the possibility that it disintegrated mid-flight, a senior source said on Sunday.

More than 48 hours after contact was lost there was still no sign of the aircraft and no wreckage had been found.

Continue reading at Reuters


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