For investors seeking momentum, IShares MSCI Turkey ETF (TUR Quick QuoteTUR - Free Report) is probably on radar. The fund just hit a 52-week high and is up 66.64% from its 52-week low price of $23.86/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 of where it might be headed:

TUR in Focus

The underlying MSCI Turkey IMI 25/50 Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The index consists of stocks traded primarily on the Istanbul Stock Exchange. The product charges 58 bps in annual fees (see: all the European Equity ETFs here).

Why the Move?

Hiking the interest rate by 30% in Q3, a surprising move by the Turkish central bank, showcased Turkey's dedication to addressing inflation through proactive monetary policy actions. Following the country's shift toward a more aggressive monetary policy tightening approach, S&P Global Ratings recently upgraded its outlook on Turkey from "negative" to "stable." This revision is attributed to Turkey's efforts to temper an overheated economy, stabilize the exchange rate, and bolster the financial situation.

More Gains Ahead?

Currently, TUR has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 57.50, which gives cues of a further rally.