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Saudi ETF (KSA) Hits New 52-Week High
For investors seeking momentum, iShares MSCI Saudi Arabia ETF (KSA - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 22.1% from its 52-week low price of $26.20/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.
KSA in Focus
The fund follows the MSCI Saudi Arabia IMI 25/50 Index. The fund holds 69 stocks in total. Saudi Basic Industries, AL Rajhi Bank and National Commercial Bank are the top three stocks of the fund. The product charges 74 bps in fees (see all Africa-Middle East Equity ETFs here).
Why the Move?
Saudi Arabia stocks have been rising on higher oil prices. Also, increased spending by the government probably helped in boosting Saudi stocks, per Bloomberg.
More Gains Ahead?
The fund has a Zacks ETF Rank #4 (Sell) but has a positive weighted alpha of 18.80. So, the fund may see some uptrend in the near future.
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