Asia markets finished mixed on the final day of trading in March, as investors await two expected executive orders by President Donald Trump which will tackle trade deficit and tariff enforcement.
One of the executive order is expected to commission a report on trade practices that contribute to trade deficit, and the second will strive to implement better collection of anti-dumping and countervailing duties.
Trump's expected meeting with Chinese President Xi Jinping will also be closely watched by markets. Xi, along with his wife Peng Liyuan, is expected to be hosted by Trump and First Lady Melania Trump at the U.S. president's Florida golf resort next Thursday and Friday.
But Trump said the meeting will be "a very difficult one" in a Thursday tweet and said that the U.S. could no longer tolerate massive trade deficits and job losses.
"The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits...
and job losses. American companies must be prepared to look at other alternatives," Trump said in two separate tweets.
In China, the Shanghai composite closed up 12.36 points, or 0.39 percent, at 3,222.60 and Shenzhen composite added 6.89 points, or 0.34 percent, to 1,986.47. Meanwhile, Hong Kong's Hang Seng index fell 0.71 percent.
The full-year earnings reports of Air China, China Eastern Airlines and China Southern Airlines all missed analyst expectations on Thursday, with their foreign exchange losses totaling 11.04 billion yuan ($1.6 billion). The yuan has depreciated 6.6 percent against the dollar last year.
Hong Kong-listed shares of Air China fell 0.95 percent, Shanghai-listed China Eastern Airlines was off 2.27 percent and China Southern Airlines dropped 1.59 percent.
China's official March manufacturing Purchasing Managers' Index (PMI) rose to 51.8 in March, compared to February's 51.6. China services PMI was also stronger, up at 55.1, compared to last month's reading of 54.2. The 50 point mark separates growth from contraction on a monthly basis.