Missing Malaysia Airlines plane: MAS shares plunge to record low as search for flight MH370 enters third day
Published on Mar 10, 2014 10:54 AM
Malaysian Airline System Bhd's (MAS) share price sinks to a record low in early trading on Monday, as the search for its missing MH370 jet bound for Beijing continues into its third day.
The shares tumbled 16 per cent, or four sen to 21 sen after the FBM KLCI - Malaysia's stock exchange - opened at 9am.
The airline recovered slightly but still fell three sen to 22.5 sen and is most heavily-traded with 86 million shares done. On Friday's close, it traded at 25 sen.
MAS is already on a downtrend since it announced a net loss of RM1.17 billion (S$455 million) a fortnight ago, as it grappled with high fuel and staff costs while facing fiercer competition from low cost carriers in the region such as Airasia, also based in Malaysia.
On Saturday, the MH370 had lost contact with Subang Air Traffic Control 50 minutes after departing the KLIA at 12.41am. The flight, which was carrying 239 passengers and crew from 14 nations and Taiwan.