For investors seeking momentum, VanEck Vectors Egypt Index ETF is probably on radar now. The fund just hit a 52-week high and is up nearly 51.7% from its 52-week low price of $26.30/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 on where it might be headed.

EGPT in Focus

This 28-stock fund looks to track the MVIS Egypt Index. The net expense ratio of the fund is 1.01%. Financials, Real Estate, Materials and Consumer Staples are the top four sectors of the fund (see all Africa-Middle East Equity ETFs here).

Why the Move?

The Egyptian market is in a great shape lately and stocks had their best month in March since 2016 thanks to no election-related upheaval. Expectations are high that massive economic reforms are in the card as Abdel-Fattah El-Sisi is expected to be re-elected as president. The benchmark has gained for seven straight weeks, marking the lengthiest stretch of weekly advances since August 2014. March was the best month since the Egyptian currency was floated freely in November 2016, per Bloomberg.

More Gains Ahead? 

Though the fund has a Zacks Rank #5 (Strong Sell), it seems that it might stay strong in the near term given a positive weighted alpha of 45.10. As a result, there is still some promise for investors who want to ride on this surging ETF.

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