For investors seeking momentum, iShares MSCI Saudi Arabia ETF (KSA - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 22.1% from its 52-week low price of $26.20/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.
KSA in Focus
The fund follows the MSCI Saudi Arabia IMI 25/50 Index. The fund holds 69 stocks in total. Saudi Basic Industries, AL Rajhi Bank and National Commercial Bank are the top three stocks of the 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 probably helped in boosting Saudi stocks, per Bloomberg.
More Gains Ahead?
The fund has a Zacks ETF Rank #4 (Sell) but has a positive weighted alpha of 18.80. So, the fund may see some uptrend in the near future.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
For investors seeking momentum, iShares MSCI Saudi Arabia ETF (KSA - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 22.1% from its 52-week low price of $26.20/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.
KSA in Focus
The fund follows the MSCI Saudi Arabia IMI 25/50 Index. The fund holds 69 stocks in total. Saudi Basic Industries, AL Rajhi Bank and National Commercial Bank are the top three stocks of the 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 probably helped in boosting Saudi stocks, per Bloomberg.
More Gains Ahead?
The fund has a Zacks ETF Rank #4 (Sell) but has a positive weighted alpha of 18.80. So, the fund may see some uptrend in the near future.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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