Report published May 19, 2026
Asian Equity Market Daily Update: Regional Performance and Valuation Analysis (May 20, 2026)
Goldman Sachs · May 19, 2026
The MSCI Asia Pacific ex-Japan Index fell 1.1% on May 19, 2026, though it remains up 17.2% YTD. Underperformance was led by Korea and Indonesia, while Info Tech lagged sectorally.
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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 declined 1.1% on the day, with Korea and Indonesia underperforming while Singapore and Australia outperformed.
- 2.Despite the daily drop, the MXAPJ has gained 17.2% YTD in 2026, driven primarily by Korea and Taiwan.
- 3.Asian equity valuations are considered expensive relative to bonds, with the equity/bond yield gap at approximately 340bp (-1.1 s.d.).
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
Equity/bond yield gap stands at around 340bp (-1.1s.d.) for MXAPJ
| Metric | Estimate | Context |
|---|---|---|
| Daily USD price return (MXAPJ) | -1.1% | Daily performance for the main Asia Pacific ex-Japan index. |
| 2026 YTD USD price return (Korea) | 82.0% | Significant outperformance of the Korean market compared to the regional average. |
Reports in this series
Asian Equity Market Daily Update is shown in chronological order through this edition, published on May 20, 2026.
Part of the Asian Equity Market Daily Update series — view all 7 editions
Looking for the latest edition? Asia-Pacific Portfolio Strategy: Asian equity market daily update (Jun 15, 2026)
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