South Korea ETF (FLKR) Hits New 52-Week High

Franklin FTSE South Korea ETF FLKR is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 201.99% from its 52-week low price of $16.54 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 (48.68%), industrials (19.16%) and financials (11.25%). 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, has surged 21.35% over the past month and 94.59% over the past six months, 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.

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 187.84, which gives cues of a further rally.