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Construction ETF (PKB) Hits a New 52-Week High

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Investors seeking momentum may have Invesco Dynamic Building & Construction ETF (PKB - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of PKB are up approximately 187.7% from their 52-week low of $16.80/share.

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

PKB in Focus

The underlying Dynamic Building & Construction Intellidex Index is comprised of stocks of U.S. building and construction companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.The expense ratio is 0.59% (see all Industrials ETFs here).

Why the move?

The construction sector has been gaining attention lately. Demand for homes has been solid. President Biden’s plan to boost U.S. infrastructure should also act as a tailwind for the construction stocks. On Mar 10, the House passed the $1.9 trillion American Rescue Plan after the Senate passed a slightly augmented version late last week. This, in turn, has boosted the fund.

More Gains Ahead?

The fund has a positive weighted alpha of 99.37. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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