Report published September 30, 2026
Goldman Sachs: Asia-Pacific Portfolio Strategy: Asian Equity Market Daily Update (September 30, 2026)
Goldman Sachs · September 30, 2026
The MSCI Asia Pacific ex-Japan Index rose 0.3% on September 30, 2026, bringing YTD gains to 21.9% in USD terms led by Korea, Taiwan, and Info Tech. Goldman Sachs maintains a 12-month MXAPJ target of 1120 (+27% upside) based on attractive relative valuations and a forward P/E multiple rerating to 11.9x.
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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.
Key Takeaways
- 1.The MXAPJ index gained 0.3% on the day and is up 21.9% YTD in USD terms, driven primarily by strong rallies in Korea (+95.3%) and Taiwan (+64.0%), while Indonesia (-41.8%), India (-15.2%), and China (-13.4%) have dragged on performance.
- 2.Across sectors, Info Tech (+81.5% USD YTD) and Industrials (+12.2% USD YTD) lead regional gains in 2026, while Communication Services (-20.8%) and Consumer Discretionary (-19.1%) have lagged significantly.
- 3.Goldman Sachs targets 1120 for MXAPJ over a 12-month horizon (representing +27% upside), supported by an expansion in forward P/E from 10.4x to 11.9x.
Table of Contents
- 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
Report data
Exhibit 1: The MXAPJ index has gained 21.9% 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 Industrials are leaders in 2026. — as of September 30, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ daily USD price return | 0.3% | Daily price return of MSCI AC Asia Pacific ex-Japan Index |
| MXAPJ YTD USD price return | 21.9% | Year-to-date USD price return of MXAPJ |
| MXAPJ 12M forward P/E | 10.4 X | Current forward valuation multiple for MXAPJ |
| MXAPJ 12-Month Target | 1120 index points | Goldman Sachs base case 12-month price target for MXAPJ |
| MXAPJ Equity/Bond Yield Gap | 430 bp | Indicates mid-cycle equity valuations relative to bonds |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on September 30, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 25 editions
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