Sydney rebounds 0.2%
Australia's S&P ASX 200 index rebounded from steep losses to finish modestly higher as financials helped to offset losses from the battered resources sector.
National Australia Bank closed up 1 percent while Commonwealth Bank of Australia, along with Australia and New Zealand Bank, climbed 0.6 percent each.
A better-than-expected third quarter production report also helped oil and gas producer Woodside Petroleum, which traded 1.7 percent higher.
Fortescue Metals was one of the top losers for the day, slumping 6 percent despite announcing a 60 percent on-year rise in September quarter shipments.
Read MoreMarket fear factors could linger Thursday
Seoul down 0.4%
South Korean shares entered a two-day losing streak on renewed global growth concerns. Earlier in the morning trade, the Kospi index touched a fresh 8-month intraday low of 1,904.
Among blue-chips, Hyundai Motor led declines with a 4 percent loss after its third quarter domestic sales grew at the slowest pace this year. Sister-firm Kia Motors also closed down 3 percent.
Discount store operator E-mart traded 1 percent lower, after reporting a 27.5 percent fall in operating earnings during the July-September period.
Meanwhile, the country's finance minister said on Thursday that South Korea's economy faces downside risks which could endanger the government's growth target of 3.7 percent this year.
Read MoreSome fried chicken with your macroeconomics?
Indian shares got off lightly by comparison, trading modestly below the flatline on Thursday.