MSCI EM closed 1% higher in a volatile week; Korea and South Asian Oil-sensitives lagged; Foreign flows stay weak; Early 2Q results tracking ahead of strong expectations so far

Research evidence excerpt

MSCI EM closed 1% higher in a volatile week; Korea and South Asian Oil-sensitives lagged; Foreign flows stay weak; Early 2Q results tracking ahead of strong expectations so far

Portfolio Strategy Research

24 July 2026 | 7:03PM BST

EM WEEKLY KICKSTART

MSCI EM closed 1% higher in a volatile week; Korea and South Asian Oil-sensitives lagged; Foreign

flows stay weak; Early 2Q results tracking ahead of strong expectations so far

n Performance: MSCI EM gained +0.6% w/w, led by Brazil pockets, including India and MENA. Sectorally, Tech, Sunil Koul

+44(20)7051-4931 | sunil.koul@gs.com

(+2%), Taiwan (+3%) and China (+1%) among majors Financials, Commodity sectors and Industrials are all Goldman Sachs International

while Korea (-2%) and South Asia (Philippines: -2%; tracking ahead of expectations. Tarun Lalwani, CFA

+1(212)934-5821 |

Indonesia: -2% and India: -2%) lagged. tarun.lalwani@gs.com n The median earnings surprise (at least +/- 3%) has been Goldman Sachs India SPL

n Earnings/valuations: MXEF is trading at 10.2x fwd. P/E positive for India (+1%) and MENA (+9%), but negative Mambuna Njie

+44(20)7051-7705 |

(-1.9 s.d, 10yr avg). EM 2026E EPS revised +0.6% w/w. for North Asia (-10%) and LatAm (-3%). Earnings mambuna.njie@gs.com

Goldman Sachs International

surprises have been robust in Financials and Materials,n Flows: EM equities saw foreign outflows of US$0.3bn

and mixed in Tech and Consumer sectors. with inflows in Korea (US$1.4bn) and India (US$0.6bn)

set against outflows in Taiwan (-US$2.2bn).

Focus: US-Iran Re-escalationn Macro: Central banks in South Africa, Indonesia, Turkey

n Brent Crude has risen back to ~US$100/bbl on renewed were on hold, while Hungary saw a rate cut.

escalation in the Middle East conflict and the resulting

drop in energy flows.