Asia Pacific Portfolio Strategy Asian equity market daily update

Portfolio Strategy Research 28 July 2026 | 10:20PM SGT

Asia-Pacific Portfolio Strategy: Asian equity market daily update

The MXAPJ Index dropped 3.5% today. Australia and India markets outperformed, Timothy Moe, CFA | while Korea and Taiwan markets underperformed. Within MXAPJ sectors, Real Estate Goldman Sachs (Singapore) Pte

and Comm Serv led while Info Tech and Industrials lagged. MSCI Japan also dropped Alvin So, CFA | 2.9% today. Goldman Sachs (Asia) L.L.C.

Sunil Koul For a detailed analysis, please see Asian Equity Perspectives: 2H playbook - stick | Goldman Sachs International with the winners, Jun 28, 2026. Kinger Lau, CFA | Exhibit 1: The MXAPJ index has gained 13.8% YTD after gaining 27% in 2025, particularly Goldman Sachs (Asia) L.L.C.

led by Korea and Taiwan markets while dragged down by Indonesia, China, and India. 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% 15.6% -1.8% 13.8% -3.5% MXAPJ ex Korea ex Taiwan 16.2% -3.0% -1.1% -4.1% 0.0% By MSCI markets Indonesia -6.8% -34.0% -5.1% -39.0% -1.2% China (MXCN) 28.1% -10.4% -0.6% -11.0% 0.0% India 3.0% -5.0% -5.9% -10.9% -0.1% China-A (CSI300) 21.8% -1.3% 2.1% 0.8% -2.8% Malaysia 10.6% 2.5% -0.8% 1.7% -0.2% Hong Kong 29.3% 6.8% -0.8% 6.0% 0.2% Philippines -2.6% 11.5% -5.1% 6.4% 0.0% Australia 10.9% 5.5% 4.8% 10.3% 0.4% Japan 22.1% 15.9% -4.9% 11.0% -2.9% Singapore 26.9% 17.1% -0.7% 16.4% -0.3% Thailand 3.1% 28.9% -7.9% 20.9% 0.0% Taiwan 36.2% 49.1% -4.5% 44.5% -4.8% Korea 96.6% 59.6% -2.1% 57.4% -11.4% By MXAPJ GICS 1 sectors Comm Serv 37.3% -21.5% 1.2% -20.2% 0.3% Cons Disc 13.2% -15.9% 3.7% -12.2% 0.3% Health Care -0.3% -5.5% 0.4% -5.0% 0.0% Energy 14.5% -2.3% -0.7% -3.0% -0.2% Cons Stap 1.8% -2.7% -0.1% -2.8% 0.0% Utilities 1.8% -3.1% 2.8% -0.3% -0.2% Real Estate 7.1% 3.3% -0.3% 3.1% 0.6% Materials 31.9% 5.3% -0.1% 5.2% -1.9% Financials 20.8% 6.1% 0.8% 6.9% -0.4% Industrials 29.2% 4.5% 3.0% 7.5% -3.5% Info Tech 50.7% 46.8% 6.3% 53.0% -7.8%

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

Report priced as of Jul 28, 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