Jeju Air CEO Kim E-bae, left, bows in an apology to the families of the plane crash victims at Muan International Airport, South Jeolla Province, Sunday. Joint Press Corps

The brokerage industry has described the short-term profit outlook for the aviation industry as "meaningless" following Sunday's Jeju Air plane crash — the worst-ever commercial aviation disaster on Korean soil.

As the tragedy, combined with the volatile political situation, shakes public confidence in air travel, market watchers predict that it will take time for the aviation industry to recover.

According to the country's stock market operator, the Korea Exchange, Jeju Air closed at 7,500 won ($5.1) on Monday, an 8.65 percent decrease compared to the previous trading day. When the market opened, investors initiated a selling spree, dragging the stock's price down by 15.7 percent before it regained some of its losses.

Other travel-related stocks also displayed weakness. Very Good Tour, Hana Tour and Modetour also saw their stock prices decline by 5.59 percent, 2.16 percent and 0.72 percent, respectively.

These stocks, which had expected a surge in consumer spending during the holiday season, saw a decline following the Jeju Air flight's crash at Muan International Airport in South Jeolla Province, which claimed 179 lives.

While the exact cause remains unknown, airport authorities suspect a bird strike caused a malfunction in the landing gear, leading to the crash landing.

The tourism industry, which has already been hit by negative consumer sentiment due to the political turmoil and the weakening of the Korean won against the dollar, is fearing further damage.

"The recent tragedy, combined with unstable domestic political and economic conditions, is expected to significantly impact air passenger demand," Korea Investment & Securities analyst Choi Go-woon said. "Short-term profit forecasts are no longer a meaningful guide for investment decisions in the aviation sector."

Choi noted that it could take authorities at least six months to a year to determine the exact cause of the accident. He cited the example of the interim investigation report on the aircraft collision at Tokyo's Haneda Airport in January, which also required months of analysis.

"Rebuilding public confidence will take even longer," Choi said. "No airline is immune to safety concerns or consumer anxiety. Moving forward, the industry must focus on strengthening safety measures."