For investors seeking momentum, iShares MSCI Saudi Arabia ETF (KSA Quick QuoteKSA - Free Report) is probably on their radar now. The fund just hit a 52-week high and is up nearly 22.1% from its 52-week low price of $27.06/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook for it to get a better idea where it might be headed for.

KSA in Focus         

The fund follows the MSCI Saudi Arabia IMI 25/50 Index. It holds 69 stocks in total. Saudi Basic Industries, AL Rajhi Bank and National Commercial Bank are the top three stocks of this fund. The product charges 74 bps in fees (see all Africa-Middle East Equity ETFs here).

Why the Move?     

Saudi Arabia stocks have been rising on higher oil prices. Also, increased spending by the government has been helping the Saudi stocks. The FTSE Russell and S&P Dow Jones added these stocks to respective indexes lately.

More Gains Ahead? 

The fund has a Zacks ETF Rank #4 (Sell) but a positive weighted alpha of 15.40. So, the fund may see some uptrend in the near future.

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