Report published August 31, 2026
Goldman Sachs Asia-Pacific Portfolio Strategy: Asian Equity Market Daily Update
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 31, 2026
- Analysis as of
- August 31, 2026
Authors / editors: Timothy Moe, CFA, Alvin So, CFA, Kinger Lau, CFA, Sunil Koul, John Kwon, Amorita Goel, CFA, Terry Chan
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
The MXAPJ Index finished flat on August 31, 2026, holding a 23.2% USD gain YTD led by Korea and Taiwan, while Goldman Sachs maintains a 12-month index target of 1120 (+26% upside).
Key Takeaways
- 1.MXAPJ was flat on the day but has gained 23.2% YTD in USD terms, driven primarily by strong outperformance in Korea (+90.6%) and Taiwan (+62.0%), while dragged down by Indonesia, India, and China.
- 2.By sector, Information Technology (+75.5% YTD) and Materials (+19.4% YTD) lead 2026 performance across Asia-Pacific ex-Japan, while Real Estate and Health Care lagged on the day.
- 3.Goldman Sachs maintains a 12-month base case target of 1120 (+26% upside) for MXAPJ at a target forward P/E of 11.9x, noting Asian equities trade at a large valuation discount to the US and Europe.
Table of Contents
- Asia-Pacific Portfolio Strategy: Asian equity market daily update
- Asian markets at a glance
- Market valuations
- Japan in a nutshell
- Performance and correlation heatmap
- Fund Flows and Liquidity
- Market breadth and baskets performance
- Macro environment and financial conditions
- Earnings revisions of regional markets and sectors
- Disclosure Appendix
Report data
Exhibit 1: The MXAPJ index has gained 23.2% YTD after gaining 27% in 2025, particularly led by Korea and Taiwan markets while dragged down by Indonesia, India, and China. Sectorally, Info Tech and Materials are leaders in 2026. — as of August 31, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ 2026 YTD USD Price Return | 23.2% | Year-to-date USD price return for the MSCI AC Asia Pacific ex Japan index. |
| MXAPJ Current 12M Forward P/E | 10.9 x | Valuation forward P/E multiple for the MXAPJ Index. |
| MXAPJ 12M Target Level | 1120.0 index points | Goldman Sachs base case 12-month target for the MXAPJ Index. |
| Korea 2026 YTD USD Price Return | 90.6% | Top performing country index in MSCI Asia Pacific ex-Japan YTD. |
| Taiwan 2026 YTD USD Price Return | 62.0% | Second strongest performing country index in MSCI Asia Pacific ex-Japan YTD. |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on August 31, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 9 editions
Looking for the latest edition? Asia Pacific Portfolio Strategy Asian equity market daily update(91) (Sep 7, 2026)
- Aug 12Asia-Pacific Portfolio Strategy Asian equity market daily update(81)
- Aug 12Asia-Pacific Portfolio Strategy Asian equity market daily update(80)
- Aug 13Asia-Pacific Portfolio Strategy Asian equity market daily update(83)
- Aug 26Asia Pacific Portfolio Strategy Asian equity market daily update(89)
- Aug 27Asia Pacific Portfolio Strategy Asian equity market daily update(90)
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Authors / Editors
Reported Data Context
- MXAPJ 2026 YTD USD Price Return: 23.2 % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ Current 12M Forward P/E: 10.9 x (Current (2026-08-31)) · Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research
- MXAPJ 12M Target Level: 1120.0 index points (12-month forward) · Source: Goldman Sachs Global Investment Research
- Korea 2026 YTD USD Price Return: 90.6 % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- Taiwan 2026 YTD USD Price Return: 62.0 % (2026 YTD) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
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