Turkish Airlines' share price slides after US bans electronic devices on flights

Turkish Airlines' share price slides after US bans electronic devices on flights
The ban means, for instance, that passengers flying Turkish Airlines to the US from Istanbul’s Ataturk International will not be allowed a laptop in their hand luggage
By bne IntelliNews March 21, 2017

Flag carrier Turkish Airlines (THY) saw its share price fall 1.69% on March 21 after confirming it is among the nine airlines affected by a US cabin baggage ban on large electronic devices on flights from eight Muslim-majority countries.

THY shares were trading at TRY5.81 as of 3:30 p.m. local time.

The announced ban applies to flights operated by nine airlines from 10 airports including Istanbul’s Ataturk International. Phones are exempt from the new rule.

Large electronic devices will only be allowed on board in checked baggage.

Turkey has protested against the ban. “We are talking with US authorities about the ban, we hope they will reverse their decision,” Turkey’s Transport Minister Ahmet Arslan said.

But the US Department of Homeland Security (DHS) says extremists are seeking "innovative methods" to bring down jets. Bombs could be hidden in laptops, tablet devices, cameras, DVD players and electronic games, it said.

US officials said the named airlines had been given 96 hours, beginning at 07:00 GMT on March 21, to ban devices bigger than a mobile phone or smartphone from cabins. The ban has no end-date.

THY operates scheduled flights to nine US cities - New York, Los Angeles, Washington D.C, Boston, Chicago, Houston, Miami, Atlanta and San Francisco - from Ataturk Airport, its main hub of operations.

The other eight airlines affected are Royal Jordanian, Egypt Air, Saudi Arabian Airlines, Kuwait Airways, Royal Air Maroc, Qatar Airways, Emirates and Etihad Airways.

The other airports affected are located across North Africa and the Middle East.

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