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Argentina ETF (ARGT) Hits New 52-Week High
For investors looking for momentum, Global X MSCI Argentina ETF (ARGT - Free Report) is probably a suitable pick. The fund just hit a 52-week high — up roughly 59.2% from its 52-week low of $22.36/share.
Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:
ARGT in Focus
The underlying MSCI All Argentina 25/50 Index is designed to measure equity performance of the top 20 companies within the investable universe of Argentina domiciled companies or companies that have substantial revenues or assets in Argentina. The fund charges 60 bps in fees.
Why the Move?
A revival in commodity prices and a subdued greenback boosted several Latin American currencies and benefited the fund ARGT.
More Gains Ahead?
The fund has a Zacks ETF Rank #5 (Strong Sell). It also has a positive weighted alpha of 41.15, which gives cues of further rally.