For investors looking for momentum, iShares MSCI Singapore ETF (EWS Quick QuoteEWS - Free Report) is probably on your radar now. The fund just hit a 52-week high and shares of EWS are up roughly 15.4% from their 52-week low price of $19.86/share.

But could more gains be ahead for this ETF? Let’s take a quick look at the fund and the near-term outlook to get a better idea on where it might be headed:

EWS in Focus

EWS focuses on providing exposure to Singapore’s equity market. The fund has a large-cap focus with key holdings in the Financials, Real Estate, and Industrials sectors, with 36.15%, 19.97%, and 18.80% allocation, respectively (as of April 25, 2017). EWS charges investors 48 basis points a year in fees. Its top holdings include DBS Group Holdings Ltd, Singapore Telecommunications Ltd, and Oversea-Chinese Banking Ltd with almost 34% of the assets allocated to them (see all the Asia Pacific ETFs here).

Why the move?

The benchmark Straits Times Index rose in five consecutive sessions amid increased global optimism due to the results of the first run-off of the French presidential elections. Favorable earnings performance of component companies led by real estate and banking sectors coupled with rising crude prices benefited the equities in the region.

More Gains Ahead?

Currently, EWS has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. So it is hard to get a handle on its future returns one way or another. The fund has a weighted alpha of 8.4 and a low 14-day standard deviation of 8.04%. So there is still some promise for those who want to ride this surging ETF a little further.

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