Malaysia Airlines shares lose 10 per cent

MALAYSIA Airlines shares lost 10 per cent after being rocked by the disappearance of a passenger jet with 239 people aboard.

Malaysia Airlines representative Ignatius Ong fronts media questions over missing flight

MALAYSIA Airlines shares lost 10 per cent on Monday, the first trading day since the company was rocked by the weekend disappearance of a passenger jet with 239 people aboard.

The shares were trading at 0.225 ringgit, or 10 per cent lower, midmorning on the Malaysian stock exchange.

They opened down 16 per cent at 0.21 ringgit from Friday’s close of 0.25 ringgit and traded as low as 0.205 ringgit before recovering somewhat.

Flight MH370 went missing over waters between Malaysia and Vietnam en route from Kuala Lumpur to Beijing early Saturday. No confirmed evidence of the plane’s fate has yet been found.

Malaysia Airlines recorded its fourth straight quarterly loss in the last three months of 2013, chalking up 1.17 billion ($360 million) ringgit in losses.

Malaysia Airlines shares have dropped 10 per cent following the vanished flight. Pictured, a display at the Hang Seng Index in Hong Kong.

The national flag carrier has been struggling with losses for years amid stiff competition from budget carrier AirAsia and others.

Analysts have also blamed poor management, change-resistant unions and government interference for the carrier’s poor performance.jz/mtp

The shares were trading at 0.225 ringgit, or 10 per cent lower, midmorning on the Malaysian stock exchange.

Flight MH370 went missing over waters between Malaysia and Vietnam en route from Kuala Lumpur to Beijing early Saturday. No confirmed evidence of the plane's fate has yet been found.

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