Franklin FTSE South Korea ETF (FLKR Quick QuoteFLKR - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 212.31% from its 52-week low price of $23.15 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.

FLKR in Focus

The underlying FTSE South Korea RIC Capped Index is a market-capitalization weighted index, representing the performance of South Korean large and mid-capitalization stocks. The fund has double-digit exposure to information technology (52.68%), financials (21.54%) and industrials (13.88%). The product charges 0.09% 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, surged above the 9,100 mark, gaining around 15.77% over the past month and 115.75% year to date, highlighting strong momentum in the Asian market. The semiconductor sector has spearheaded the rally in South Korea’s equity market.

Additionally, South Korea's exports climbed 60.4% year over year in the initial 20 days of June, driven by strong semiconductor shipments and reached a record high for the period, as quoted on Korea Times.

More Gains Ahead?

Currently, FLKR has a Zacks ETF Rank #3 (Hold). It might continue its strong performance in the near term, with a positive weighted alpha of 234.70 (as per Barchart.com), which gives cues of a further rally.