South Korea orders 737-800 inspection after Jeju Air crash; Boeing shares decline.

• Over the weekend, a deadly crash occurred on a Jeju Air flight involving the 737-800 model, prompting South Korea to order an inspection of all such planes operated by its domestic carriers, resulting in a drop in Boeing shares on Monday.
• The details of the crash that resulted in the death of 179 out of 181 passengers on Sunday remain unclear.
• The acting president instructed the Transport Ministry to perform an emergency safety inspection of the entire airline operation system, while MOLIT officials announced a "comprehensive special inspection of the B737-800."

On Monday, the stock price of shares fell more than 2% after South Korea ordered an inspection of all 737-800 planes, which is the model involved in a deadly Jeju Air crash over the weekend, operated by its domestic carriers.

The acting president instructed the Transport Ministry to perform an emergency safety inspection of the entire airline operation system, while MOLIT officials announced a "comprehensive special inspection of the B737-800."

On Sunday, a plane crash occurred at South Korea's Muan International Airport, killing 179 of 181 people on board. The plane landed without deploying the correct gear, skidded off the runway, and crashed into a wall before bursting into flames. Only two crew members survived and were pulled from the wreckage.

During a Monday briefing, MOLIT announced that the aircraft's pilot had reported a "bird strike" a few minutes after the airport's control tower issued a bird activity warning. The pilot also informed the control tower of a "go-around" and declared "Mayday," as stated by Yu Kyung-soo, director of aviation safety policy at MOLIT, according to an NBC News translation.

The National Transportation Safety Board is leading a team of investigators, including the Federal Aviation Administration and Boeing, to assist South Korea's Aviation and Railway Accident Investigation Board with a probe into the crash. CFM International, a joint venture between GE Aerospace and Safran Aircraft Engines, will also be involved in the investigation. Two black boxes were retrieved from the aircraft and have been sent for analysis.

Officials from MOLIT are examining the connection between the concrete wall and the accident, in addition to inspecting the 737-800s in South Korean airlines' fleet.

The Boeing 737 Max jets, which have been in operation for nearly three decades, were developed before the popular Boeing narrow-body aircraft. Aviation experts believe that a design flaw is unlikely to have caused Sunday's crash.

Cirium reports that the Boeing 737-800 is one of the most widely used aircraft, with about 4,400 in service, which accounts for about 17% of the active global jet fleet. This aircraft has a strong safety record.

South Korean low-cost carriers commonly use the Boeing 737 MAX 8, with Jeju Air being the largest operator with 39 jets. Other operators include T'way Air, Jin Air, Eastar Jet, and Air Incheon, while flag carrier Korean Air has two of the model.

The Aviation Policy Office at MOLIT, headed by Ju Jong-wan, will examine compliance with various regulations, including operational records, inspections, and maintenance conducted before and after flights, according to NBC News' translation.

"We intend to examine and fortify bird strike regulations, particularly for new airports being constructed, as a possible cause of the accident."

Boeing spokesperson stated to CNBC that they are in touch with Jeju Air about flight 2216 and are prepared to assist them. They also expressed their deepest sympathies to the families of the deceased and kept the passengers and crew in their thoughts.

On Monday, another Jeju Air aircraft of the same model returned to South Korea's Gimpo Airport shortly after takeoff due to landing gear issues.

According to Paul Charles, CEO and travel analyst at The PC Agency, over 200 airlines worldwide have selected the Boeing 737-800 in the past year due to its strong safety record.

"To uncover more information about the 737-800s at Jeju Air, the investigators must examine all maintenance records related to the aircraft's landing gear."

According to Yonhap, Song Kyung-hoon, head of the management support office at Jeju Air, stated that the airline would assist the victims and their families and that the aircraft was insured for $1 billion at a press briefing on Sunday.

Song rejected the notion that mechanical failures or insufficient safety measures contributed to the crash.

Song stated that the crash was not related to any maintenance problems and that there could be no compromise when it comes to maintaining aircraft.

On Monday, Jeju Air's shares reached a new low and dropped by 8.65%, according to FactSet.

— CNBC's Yeo Boon Ping and Leslie Josephs contributed to this story.