Asian Equity Market Daily Update – Goldman Sachs Portfolio Strategy Research

Key Takeaways

• 1.The MXAPJ Index dropped 0.9% on the day, with Hong Kong and Singapore outperforming, while Korea and China A underperformed.
• 2.MXAPJ has gained 22.2% USD price return YTD in 2026, primarily driven by strong performance in Korea and Taiwan alongside Information Technology and Industrials sectors.
• 3.Goldman Sachs targets MXAPJ at 1,120 over 12 months (+27% upside), with a target forward P/E of 11.9x vs. current 10.5x.

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 2: MSCI Asia-Pacific market indices valuation and potential return — as of September 28, 2026.

Reports in this series

Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on September 28, 2026.

Part of the Asia-Pacific Portfolio Strategy series — view all 25 editions

Looking for the latest edition? Asia Pacific Portfolio Strategy Asian equity market daily update(107) (Oct 7, 2026)

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