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India ETF (INCO) Hits New 52-Week High

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Columbia India Consumer ETF (INCO - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 37.84% from its 52-week low price of $50.22/share.

Are more gains in store for this ETF? Let us 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.

INCO in Focus

The underlying Indxx India Consumer Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the consumer industry in India. The product charges 75 bps in annual fees (see: all Asia-Pacific (Emerging) ETFs).

Why the Move?

India's potential for growth makes it an attractive choice for investors. Recent upgrades in growth forecasts for the country, driven by robust public investment and strong private consumption, boost the prospects for the fund. Indian consumers expect to increase their spending on both essential and non-essential items as per the country’s central bank, a trend expected to continue over the next year.

Additionally, an increasing workforce population and a surge in new business establishments are favorable.

More Gains Ahead?

Currently, INCO has a Zacks ETF Rank #3 (Hold) and a Medium risk outlook. However, it might continue its strong performance in the near term, with a positive weighted alpha of 38.83, which gives cues of a further rally.

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