iShares MSCI South Korea ETF (EWY Quick QuoteEWY - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 183.68% from its 52-week low price of $55.33 per 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.

EWY in Focus

The underlying MSCI Korea 25/50 Index consists of stocks traded primarily on the Stock Market Division of the Korea Exchange. The fund has double-digit exposure to information technology (49.15%), industrials (21.85%) and financials (9.75%). The product charges 0.59% in annual fees (see: all Asia-Pacific (Developed) ETFs).

Why the Move?

South Korea has emerged as an economy to watch. KOSPI, the country’s benchmark equity index, has surged 24.80% over the past month and 56.59% year to date, highlighting strong momentum in the Asian market. The semiconductor sector has spearheaded the rally in South Korea’s equity market, with a powerful chip rebound driving much of the recent gains, pushing the total market cap past $4.07 trillion for the first time, led by chip heavyweights despite U.S.-Iran tensions.

More Gains Ahead?

Currently, EWY has a Zacks ETF Rank #3 (Hold) and a Medium risk outlook. It might continue its strong performance in the near term, with a positive weighted alpha of 177.39 (as per Barchart.com), which gives cues of a further rally.