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Goldman Sachs

May 28, 2026

Asian Equity Market Daily Update

Daily UpdateEquitiesRates Govt BondsFXInformation TechnologyUtilities

The MXAPJ Index gained 1.2% on May 27, 2026, supported by strong performance in Korea and Taiwan's technology sectors, although regional valuations remain stretched relative to bonds.

Key Takeaways

  • 1.The MXAPJ Index rose 1.2% on May 27, led by outperformance in Korea and Taiwan, while China and Hong Kong underperformed.
  • 2.Information Technology and Utilities were the leading sectors, while Consumer Discretionary and Energy sectors lagged.
  • 3.Asian equity valuations appear expensive relative to bonds, with the equity/bond yield gap standing at around 320bp.

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

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Authors

Timothy Moe, CFASunil Koul

Securities

MXAPJMXCNTOPIXCSI300

Themes

AI and Semiconductor Powered OutperformanceRelative Value: Equities vs. Bonds

Regions

Asia PacificSouth KoreaTaiwanChina