Malaysian shares extended their losing streak for a fourth consecutive day on Wednesday despite an upbeat economic outlook from the government.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 2.54 points to end 0.16% lower at 1,608.95.

The index slightly opened higher but kept paring gains throughout the day. The day range was between 1,608.95 and 1,618.99.

In economic news, Finance Minister II Amir Hamzah Azizan expects the Malaysian economy to expand between 4% and 5% in 2024, on the back of export recovery and resilient domestic demand.

Meanwhile, Prime Minister Anwar Ibrahim met with his Singapore counterpart Lawrence Wong on Wednesday to discuss ways to boost bilateral relations. This marks Wong's first visit since he was sworn in as the Prime Minister.

In corporate news, shares of the mobile virtual network operator XOX (KLSE:XOX) dropped over 33%, while those of laundry equipment and medical devices manufacturer BCM Alliance (KLSE:BCMALL) fell 25%.