We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
India ETF (FLIN) Hits New 52-Week High
For investors seeking momentum, Franklin India ETF (FLIN - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 34.38% from its 52-week low price of $26.82/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:
FLIN in Focus
The underlying FTSE India Capped Index is based on the FTSE India Index and is designed to measure the performance of Indian large and mid-capitalization stocks. The fund has major exposure to the financial (22.71%), information technology (12.58%) and consumer discretionary (11.55%) sectors. The product charges 19 bps in annual fees (See: all Emerging Asia-Pacific ETFs).
Why the Move?
Recently, India’s stocks have shown an upward trend, attributed to optimistic expectations surrounding the upcoming elections. Improved ratings from agencies like IMF make the country a good investment option. Driven by robust and resilient domestic demand, IMF revised the country’s growth potential upward by 40 basis points, indicating a growth rate of 6.7% for the 2024 fiscal year.
Additionally, an increasing workforce population, an uptick in consumer spending and a surge in new business establishments are favorable.
More Gains Ahead?
Currently, FLIN has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance in the near term, with a positive weighted alpha of 30.96, which gives cues of a further rally.