For investors seeking momentum, the Global X MSCI Greece ETF (GREK Quick QuoteGREK - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 90.4% from its 52-week low price of $39.58 per share.  

But are there 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 sense of where it might head.

GREK in Focus

It offers exposure to companies that are headquartered or listed in Greece and carry out the majority of their operations in Greece. The fund charges 57 basis points (bps) in annual fees (See: all European Equity ETFs here).

What Led to the Rise?

Strong economic growth in Greece in recent years, along with corporate developments, has bolstered investor confidence in Greek stocks, thereby boosting the performance of the GREK ETF. MSCI’s announcement a couple of days ago regarding a consultation on the potential reclassification of Greece from “Emerging” to “Developed Market” status may also have acted as a catalyst, enabling the fund to touch a new 52-week high.

More Gains Ahead?

GREK may continue its strong performance in the near term, with a positive weighted alpha of 78.91 (as per Barchart.com), which suggests a further rally.