MXAPJ fell 2%, dragged down by tech-heavy markets amid positioning unwinds, momentum reversal, and foreign selling, compounded by Middle East tensions and hawkish FOMC minutes

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MXAPJ fell 2%, dragged down by tech-heavy markets amid positioning unwinds, momentum reversal, and foreign selling, compounded by Middle East tensions and hawkish FOMC minutes

Portfolio Strategy Research

10 July 2026 | 11:45PM SGT

ASIA-PACIFIC WEEKLY KICKSTART

MXAPJ fell 2%, dragged down by tech-heavy markets amid positioning unwinds, momentum

reversal, and foreign selling, compounded by Middle East tensions and hawkish FOMC minutes

MXAPJ declined 1.6%, with Singapore (+5%), Philippines, Charts of the Week Timothy Moe, CFA

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

and China offshore (both +3%) outperforming, while Korea Korea - A broader opportunity set in 2H26: Despite the Goldman Sachs (Singapore) Pte

(-8%), Taiwan (-3%), and China A (-1%) lagged. Consumer recent risk-off move, we remain constructive on the Korea Alvin So, CFA

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

Retail, Internet/Media, and Banks led, while Capital Goods, market, as strong earnings growth, attractive valuations, Goldman Sachs (Asia) L.L.C.

Tech Hardware & Semis, and Materials lagged. Foreign and under-owned themes, including Industrials, Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com

outflows continued (EM Asia ex-China -US$6.5bn), driven governance reform, and reflation beneficiaries, provide Goldman Sachs (Asia) L.L.C.

primarily by Taiwan (-US$5.9bn) and Korea (-US$2.3bn). On scope for broader market participation. John Kwon +65-6654-6337 |

geopolitics, President Trump declared the Iran ceasefire over jongmin.kwon@gs.com

Technology Supply/Demand Balance: Our Asia Tech Goldman Sachs (Singapore) Ptefollowing renewed exchanges of fire, driving a 5% rebound in Sunil Koul analysts remain bullish on AI infrastructure, with demand +44(20)7051-4931 | sunil.koul@gs.comBrent crude to US$76/bbl.