MXAPJ closed 1% higher in a volatile week, marked by sharp momentum reversals in memory semis and another week of significant foreign outflows from Korea and Taiwan: ASIA-PACIFIC WEEKLY KICKSTART

Research evidence excerpt

MXAPJ closed 1% higher in a volatile week, marked by sharp momentum reversals in memory semis and another week of significant foreign outflows from Korea and Taiwan: ASIA-PACIFIC WEEKLY KICKSTART

Portfolio Strategy Research

3 July 2026 | 11:48PM SGT

ASIA-PACIFIC WEEKLY KICKSTART

MXAPJ closed 1% higher in a volatile week, marked by sharp momentum reversals in memory semis

and another week of significant foreign outflows from Korea and Taiwan

MXAPJ recovered 1%, with Taiwan and Thailand (each +5%) Charts of the Week Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

and offshore China (+3%) outperforming Korea (-6%), 2H Playbook — Stick with the Winners: Strong tech-led Goldman Sachs (Singapore) Pte

Indonesia, and China A (each -1%). Health Care, Consumer performance in North Asia during 1H26 has raised Alvin So, CFA

+852-2978-1585 | alvin.so@gs.com

Retail, and Internet/Media led, while Capital Goods, Tech questions about whether leadership will persist in 2H or Goldman Sachs (Asia) L.L.C.

Hardware & Semis, and Utilities lagged. EM Asia ex-China rotate to other markets and sectors. Our view remains Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com

saw its fifth-largest weekly FII outflow since 2000 anchored on earnings, which continue to be the key driver Goldman Sachs (Asia) L.L.C.

(-US$16bn), led by Korea (-US$13bn) and Taiwan of equity performance. We expect mid-teens MXAPJ John Kwon +65-6654-6337 |

(-US$3.5bn). South Korea announced its “3 Mega Projects”, returns in 2H, supported by strong 2026/27 earnings jongmin.kwon@gs.comGoldman Sachs (Singapore) Pte

outlining public-private investment and infrastructure growth of 60%/22%, and remain overweight North Asia. To Sunil Koul