KUALA LUMPUR (March 5): The FBM KLCI closed down 8.37 points or 0.5% today following China's economic growth forecast revision announcement and as investors continued selling Malaysian shares after analysts said corporate earnings for 2018's fourth quarter (4Q18) were weak and disappointing.

At 5pm, the KLCI closed at 1,685.62 after KLCI stocks Nestle (M) Bhd, Tenaga Nasional Bhd and Hartalega Holdings Bhd were among Bursa Malaysia's top decliners. The KLCI extended losses today after falling 6.77 points yesterday.

Globally today, Reuters reported that Asian shares took cue from China after the country lowered its economic growth target for this year to between 6% and 6.5%, as expected, from around 6.5% last year.

It was reported that China offered more stimulus, including cuts in taxes and social security fees, increases in infrastructure investment and lending to small firms.

In Malaysia, Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the KLCI extended losses today on China economic growth forecast downgrade concerns.

Amid continued selling of Malaysian shares after disappointing set of corporate earnings for 4Q18, Leong told theedgemarkets.com over telephone that "we may see further weaknesses (in the KLCI) this week”.