For investors seeking momentum, iShares Asia 50 ETF (AIA Quick QuoteAIA - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 45.4% from its 52-week low price of $59.91/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:

AIA in Focus

The underlying S&P Asia 50 Index is a total float-adjusted, market capitalization weighted index designed to measure the performance of the 50 leading companies listed in four Asian countries or regions Hong Kong, Singapore, South Korea and Taiwan. The product charges 50 bps in annual fees (See all Asia-Pacific (Developed) ETFs here).

Why the Move?

Most Asia-Pacific markets have been on uptrend lately, tracking Wall Street gains after U.S. inflation data boosted expectations for a Fed rate cut next month. Moreover, U.S.-China and U.S.-Japan trade truces have also boosted the Asia markets.

More Gains Ahead?

AIA might continue its strong performance in the near term, with a positive weighted alpha of 33.54 (as per Barchart.com), which gives cues of a further rally.