KUALA LUMPUR: The Kedah state government's decision to ban the operations of numbers forecast operators (NFO) would weaken investor sentiment in the sector, although the impact would be minimal given the few outlets in the state.
Following the state government's decision not to renew the licences of NFO operators, they will no longer be allowed to operate in Kedah effective Jan 1, 2023.
CGS-CIMB Research said it expects the closure of the Kedah NFO outlets to dampen already weak investor sentiment in NFO stocks, at least over the near term, due to concerns over more severe crackdowns.
Sports Toto Bhd's outlets in the predominantly Muslim-populated state represent only 2.9% of its total outlets while Magnum Bhd
only has 2.7% of its outlets in the state.
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