Report published September 24, 2026
Asian Equity Market Daily Update – Goldman Sachs Portfolio Strategy (September 24, 2026)
Goldman Sachs · September 24, 2026
The MSCI AC Asia Pacific ex-Japan Index declined 0.8% on the day but remains up 23.6% YTD in USD terms, driven by massive outperformance in Korea, Taiwan, and the Information Technology sector. Goldman Sachs maintains a 12-month base case target of 1120 (+26% upside) for MXAPJ, noting that Asian equities trade at significant valuation discounts to Western peers.
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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 dropped 0.8% today but has gained 23.6% YTD in USD terms, led primarily by Korea and Taiwan markets while Indonesia, India, and China have lagged.
- 2.Sectorally, Information Technology (+85.9% YTD) and Industrials (+13.3% YTD) lead MXAPJ performance in 2026, while Communication Services and Consumer Discretionary have lagged.
- 3.Goldman Sachs targets a 12-month base case level of 1120 for MXAPJ (+26% upside) and 4600 for TOPIX (+13% upside).
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 23.6% 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 24, 2026.
| Metric | Estimate | Context |
|---|---|---|
| MXAPJ daily USD price return | -0.8% | Single-day price return of the MSCI AC Asia Pacific ex Japan index. |
| MXAPJ 2026 YTD USD price return | 23.6% | Year-to-date USD price return of the MXAPJ index. |
| MXAPJ 12M target level | 1120.0 index_points | Goldman Sachs base case 12-month price target representing +26% upside. |
| MXAPJ current 12M forward P/E | 10.6 X | Current forward P/E multiple for MXAPJ. |
| Korea 2026 YTD USD price return | 103.9% | Korea MSCI market USD performance year-to-date, including +11.7% FX impact. |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on September 24, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 25 editions
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