Asia Equity Futures Monthly Roll Update May 2026

Research evidence excerpt

Asia Equity Futures Monthly Roll Update May 2026

May 18, 2026

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Please note the long form nomenclature for China, Hong Kong, Taiwan and Macau are Mainland China; Hong Kong SAR, China; Taiwan, China; Macau SAR, China. Global Markets Strategy

Asia Equity Futures Monthly Roll Update - May-2026 (+852) 2800 7109 twinkle.mehta@jpmorgan.com Twinkle MehtaAC

Data as of May 15, 2026. Source for data: J.P. Morgan, Bloomberg Finance L.P., MSCI +(852) 2800-8857 tony.sk.lee@jpmorgan.com Tony Lee

J.P. Morgan Securities (Asia Pacific) Limited /J.P. Morgan Broking (Hong Kong) Limited +(852) 2800-7736 haoshun.liu@jpmorgan.com Haoshun Liu

+(852) 2800-1029 xipu.han@jpmorgan.com Xipu Han

• Asian equities extended their rally in May 2026, with MSCI Asia Pacific up 6.1% month-to-date. The AI and semiconductor boom powered gains, with Korea’s Foreign & ETF Flows

KOSPI2 (+17.2%) and Taiwan’s TAMSCI (+6.3%) leading on chip strength, while NIFTY (-1.5%) and AS51 (-0.4%) lagged. Foreign flows were skewed towards WoW MTD 20 ($bn, Cumulative) outflows, led by Korea ($16.5bn) and India ($2.0bn), while Taiwan attracted $3.0bn in inflows on continued semiconductor dema nd. Asia equity index May-

26/Jun-26 futures rolls are mostly trading rich. TPX 0.9% 3.7% 3 0

HSI -1.6% 0.7% 9 -20 • As of May 15, HSTECH futures rolls closed at the highest premium (ann. 1.01% vs 1Y avg 0.21%) followed by NSEBANK (ann. 0.86% vs 1Y avg 0.39%). On Buy/Sell

the other end, XIN9I futures rolls closed at the highest discount (ann.