For investors seeking momentum, Global X MSCI Greece ETF (GREK Quick QuoteGREK - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up about 40.5% from its 52-week low price of $6.77/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:

GREK in Focus

The fund looks to track the MSCI All Greece Select 25/50 Index. It charges 59 bps in fees. Hellenic Telecom (13%), Alpha Bank AE (9.67%) and Eurobank Ergasias SA (9.48%) are the top three holdings of the fund (see all European Equity ETFs here).

Why the Move?

The Greek stock market has been on a tear on a recovering economy. There has been a rise in liquidity in local financial institutions. Banks have almost repaid emergency European Central Bank (ECB) liquidity assistance, per Global X report. In March, Moody’s raised Greece’s long-term debt rating by two notches. Additionally, a big defeat of the ruling leftist coalition in regional and Euro elections has also added to the strength.

More Gains Ahead?

The fund has a Zacks Rank #4 (Sell). After a sturdy year-to-date rally, probably the fund is overvalued at the current level.

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