At 9.05am, the key index was up 2.54 points to 1,612.06.
Despite the slight gain, the index hovered below the 50-day simple moving average, after having slipped below the support yesterday for the second time in as many months.
Market sentiment remained cautious ahead of Bank Negara's decision on the OPR tomorrow, which would determine if the benchmark lending rate would be further reduced to help mitigate the impact of the movement control order.
However, some investors believed the sell-off in bank stocks has been overdone, leading to bargain hunting and some upward momentum to the FBM KLCI.
Maybank rose 11 sen to RM8.19, Public Bank gained 16 sen to RM21.14, CIMB added three sen to RM4.03 and Hong Leong Bank climbed 12 sen to RM17.56.
Sime Darby Plantation, which had also pulled back on falling crude palm oil prices, retraced four sen to RM5.02.
Meanwhile, glove counters remained subdued on vaccine developments. Hartalega fell 12 sen to RM12.24 and Top Glove slipped three sen to RM6.31.
Malacca Securities Research expects some lift to the market sentiment today following the Prime Minister's announcement of the RM15bil Malaysian Economic and Rakyat's Protection Assistance Package.
However, the technical outlook remains slightly bearish with the technical indicators turning negative.
"Based on the indicators, the FBM KLCI's upside could be capped around 16,20-1,640. Meanwhile, support will be located around 1,600 followed by 1,580," said Malacca Securities.
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