Shares of China Southern Airlines slip, touch low

The stock slipped 75 cents, or 3.1 percent, to $23.42 after setting the $23.39 low earlier in the session. It was the sixth time this month the stock has touched a 52-week low.

The move by China, one of the world's largest consumers of oil, caused worry that demand may slip there. The decision had worldwide ramifications, as prices for light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.

The profitability of airline operators is closely linked to jet-fuel costs.

So far this year the stock has lost 64 percent of its value.