MXAPJ down 4% amid continued risk-off sentiment across North Asia and tech sectors, despite resilient earnings, alongside escalating US-Iran tensions and mixed China activity data

Research evidence excerpt

MXAPJ down 4% amid continued risk-off sentiment across North Asia and tech sectors, despite resilient earnings, alongside escalating US-Iran tensions and mixed China activity data

Portfolio Strategy Research

18 July 2026 | 12:02AM SGT

ASIA-PACIFIC WEEKLY KICKSTART

MXAPJ down 4% amid continued risk-off sentiment across North Asia and tech sectors, despite

resilient earnings, alongside escalating US-Iran tensions and mixed China activity data

MXAPJ fell 3.7%, with Indonesia (+6%), Malaysia (+3%), and conflict trough, and it remains up 16% YTD. The recent Timothy Moe, CFA

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

Hong Kong (+3%) outperforming Korea (-10%), Taiwan risk-off move has been concentrated in North Asia amid a Goldman Sachs (Singapore) Pte

(-6%), and China A-shares (-3%). Consumer Retail, Energy, sharp momentum reversal: Korea has declined 28% since Alvin So, CFA

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

and Property led, while Tech Hardware & Semis, Capital June 22, followed by Taiwan, China A-shares, and Japan, Goldman Sachs (Asia) L.L.C.

Goods, and Telecom Services lagged. EM Asia ex-China while ASEAN markets have advanced. Despite the John Kwon

+65-6654-6337 |

recorded US$9.2bn of foreign outflows, driven primarily by correction, Korea (+83%) and Taiwan (+52%) remain the jongmin.kwon@gs.com Goldman Sachs (Singapore) Pte

Taiwan (-US$8.8bn). Geopolitically, the US-Iran conflict best-performing markets YTD, whereas Indonesia, China, Kinger Lau, CFA

intensified, pushing Brent crude up 12% to US$86/bbl. and India are still in negative territory. Foreign investors +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C.

Korea announced a temporary ban on new single-stock have been persistent sellers, with net outflows of Sunil Koul