Some Asian markets rebounded Thursday following Wall Street's reversal of sharp intraday losses overnight on the back of higher oil prices, but it wasn't enough to support the Chinese, Australian and Hong Kong markets.

China's Shanghai composite was lower by 1.22 percent, while the Shenzhen composite dropped 1.4 percent. Concerns were raised over China this week after the People's Bank of China set the yuan mid-point rate notably lower at 6.5273 to the dollar on Tuesday, down 0.17 percent from Monday's fix. Today's mid-point was set at 6.5318.

Francis Cheung, head of China and Hong Kong strategy at CLSA, told CNBC's "Squawk Box" that Chinese markets are doing somewhat better, despite the sell-offs this week.

"We are seeing a little more support from the market, mainly because I think people are expecting more of a stimulus from the government."

Hong Kong's Hang Seng Index was down 0.65 percent, while the Japanese benchmark Nikkei 225 index was up about 0.5 percent. Across the Korean Strait, the Kospi gained 0.41 percent.

The yen, which surged against the dollar in recent sessions, maintained the 112 handle; the pair traded at 112.12 as of 8.15 a.m. HK/SIN time. A stronger yen is usually a negative for Japan's exporters as it reduces overseas profits when converted into local currency. But exporters saw mixed fortune early on, with Toyota down 2 percent, while Canon gained 0.74 percent.

Australia's S&P/ASX 200, which saw gains of 0.37 percent early on, lost support and traded down 0.1 percent. The heavily weighted financials sector was a drag, down 0.89 percent.

The index previously suffered two consecutive sessions of declines, closing down 2.1 percent on Wednesday.

"ASX suffered again at the hands of oil prices (overlay BHP's share price and WTI), and it's also under pressure due to valuations and a market that had added 329 points from the 10 February low to the high on Tuesday. This was a 7

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First Published:Feb 25, 2016 7:52 AM IST