Asia Pacific Portfolio Strategy Asian equity market daily update

Portfolio Strategy Research 22 September 2026 | 7:23PM SGT

Asia-Pacific Portfolio Strategy: Asian equity market daily update

The MXAPJ Index rose 0.5% today. Korea and Malaysia markets outperformed, while Timothy Moe, CFA | Indonesia and Hong Kong markets underperformed. Japan markets were closed Goldman Sachs (Singapore) Pte

today. Within MXAPJ sectors, Comm Serv and Cons Disc led while Energy and Cons Alvin So, CFA | Stap lagged. Goldman Sachs (Asia) L.L.C.

Kinger Lau, CFA For a detailed analysis, please see Asian Equity Perspectives: Into the home stretch, | Goldman Sachs (Asia) L.L.C. Aug 30, 2026. Sunil Koul | Exhibit 1: The MXAPJ index has gained 24.1% YTD after gaining 27% in 2025, particularly Goldman Sachs International

led by Korea and Taiwan markets while dragged down by Indonesia, India, and China. John Kwon Sectorally, Info Tech and Industrials are leaders in 2026. | 2026 YTD 2026 YTD Goldman Sachs (Singapore) Pte 2025 USD 2026 FX Daily USD Index price return LOC price Impact USD price Amorita Goel, CFA return return price return | Goldman Sachs (Singapore) Pte MXAPJ 26.8% 23.3% 0.8% 24.1% 0.5% MXAPJ ex Korea ex Taiwan 16.2% -4.2% -0.6% -4.8% 0.2% Terry Chan By MSCI markets | Goldman Sachs (Asia) L.L.C. Indonesia -6.8% -35.9% -4.3% -40.2% -1.4% India 3.0% -7.0% -5.8% -12.8% -0.3% China (MXCN) 28.1% -10.3% -0.7% -10.9% 0.6% Philippines -2.6% 2.1% -6.3% -4.2% -0.3% Malaysia 10.6% 1.3% -0.5% 0.8% 1.0% China-A (CSI300) 21.8% -1.8% 4.3% 2.4% 0.1% Hong Kong 29.3% 4.5% -0.8% 3.8% -0.4% Australia 10.9% 2.0% 6.9% 8.9% 0.0% Thailand 3.1% 25.7% -6.7% 19.0% 0.5% Japan 22.1% 20.2% -0.6% 19.6% 0.0% Singapore 26.9% 19.7% 0.9% 20.6% 0.8% Taiwan 36.2% 70.8% -1.5% 69.3% 0.3% Korea 96.6% 89.5% 11.3% 100.9% 1.8% By MXAPJ GICS 1 sectors Comm Serv 37.3% -23.3% 1.8% -21.5% 2.7% Cons Disc 13.2% -15.6% -0.6% -16.2% 0.7% Cons Stap 1.8% -6.4% -0.7% -7.0% -0.4% Real Estate 7.1% -4.4% 0.8% -3.6% 0.0% Utilities 1.8% 1.0% -1.5% -0.5% -0.3% Energy 14.5% 1.8% -2.2% -0.4% -0.7% Health Care -0.3% 5.8% 1.7% 7.5% 0.0% Financials 20.8% 8.1% 1.3% 9.4% -0.1% Materials 31.9% 6.9% 4.2% 11.1% -0.2% Industrials 29.2% 13.0% 1.0% 14.0% 0.6% Info Tech 50.7% 82.0% 2.5% 84.6% 0.7%

Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research

Report priced as of Sep 22, 2026, 3:30pm HKT.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Goldman Sachs Asia-Paci昀c Portfolio Strategy

Exhibit 2: MSCI Asia-Paci昀c market indices valuation and potential return

Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research