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Argentina ETF (ARGT) Hits New 52-Week High

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For investors seeking momentum, MSCI Argentina ETF (ARGT - Free Report) is probably on their radar now. The fund just hit a 52-week high, which is up roughly 49.3% from its 52-week low price of $15.07/share.

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

ARGT in Focus    

ARGT is the sole ETF tracking the Argentinian market. The fund has a small and micro-cap focus with key holdings in the energy equipment and services, banks, internet and mobile applications segments. ARGT charges investors 75 basis points a year in fees and has top holdings in Tenaris S.A., Mercadolibre, Inc. and YPF S.A. (see all Latin American Equity ETFs here).

Why the Move?

Argentina has been an area to watch lately as the government announced its intention to send the public-private partnership bill to Congress in the upcoming weeks, which could increase the country’s financing capacity by $90 billion. The move would enable the government to accelerate its investment in infrastructure and facilitate corporate access to multilateral lenders and capital markets.

More Gains Ahead?

Currently, ARGT has a Zacks ETF Rank #4 (Sell) with a High risk outlook. However, the fund has a positive weighted alpha of 11.60. A positive weighted alpha hints at more gains.

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