TAIWAN WEEKLY KICKSTART: TAIEX rebounded 2%, led by a recovery in Tech, despite a Friday pullback amid escalating US-Iran tensions; foreign outflows moderated to -US$2.2bn, and retail investors reduced margin loans

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TAIWAN WEEKLY KICKSTART: TAIEX rebounded 2%, led by a recovery in Tech, despite a Friday pullback amid escalating US-Iran tensions; foreign outflows moderated to -US$2.2bn, and retail investors reduced margin loans

Portfolio Strategy Research

25 July 2026 | 12:25AM HKT

TAIWAN WEEKLY KICKSTART

TAIEX rebounded 2%, led by a recovery in Tech, despite a Friday pullback amid escalating US-Iran

tensions; foreign outflows moderated to -US$2.2bn, and retail investors reduced margin loans

Performance: TAIEX/MSCI +2.3%/+2.9%, outperforming Macro Data (Jun): Industrial Production +23% yoy (vs. GSe Alvin So, CFA

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

MXAPJ by 2.5pp. Energy (+6%), Tech Hardware (+4%), +18%, May +12%); Retail Sales +8% yoy (vs. May +5%); Goldman Sachs (Asia) L.L.C.

Transport and TSMC (+3% each) led, while Materials (-4%), Export Orders +59% (vs. May +47%) Timothy Moe, CFA

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

Health Care and Autos (down 2-3%) lagged (Exhibit 11) Goldman Sachs (Singapore) Pte

Upcoming Data: Consumer Confid. (Tue), Q2 GDP (Fri) Kinger Lau, CFA

Flows: QFIIs net sold US$2.2bn of cash equities, mostly in +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C.

Tech (TSMC -US$1.1bn, others -US$1.2bn), while reducing Charts of the Week: LETFs and Retail Margins Sunil Koul

short futures positions by a similar amount (Exhibit 14). Leverage ETFs: Taiwan leveraged ETF AUM has reached +44(20)7051-4931Goldman Sachs International| sunil.koul@gs.com

Local funds net bought US$2bn across all sectors (Exhibit US$12bn, driven by strong YTD inflows of US$7bn,

15). Retail investors net sold stocks and futures, alongside including US$3.5bn during the recent market correction;

lower margin ratios, but continued to buy ETFs (Exhibit 21).