The benchmark FBMKLCI kicked off the day’s trading session with a 0.15-point gain to 1,411.13 points from yesterday’s close of 1,410.98.

But just 12 minutes into trade, it had retreated 1.27 points to 1,409.86.

However, a recovery, particularly in banking stocks, is on the cards, the Rakuten Trade research team said.

“Thus we expect the FBMKLCI to trend higher today, within the 1,410 to 1,420 range,” the team said.

Wall Street ended higher overnight on bets that the US Federal Reserve may be close to the end of its cycle on raising interest rates.

US treasury secretary Janet Yellen’s reassurance that steps would be taken to keep deposits safe at banks also helped to return confidence to the markets.

On the home front, Rakuten Trade said, the FBMKLCI remained in oversold position at the current level, leaving the door open for the market to stage a comeback today.