UPDATE 1-Singapore banks fall as Merrill downgrades sector

Reuters, 11 Sep 2008, Koh Gui Qing and Saeed Azhar

SINGAPORE, Sept 11 (Reuters) - Singapore bank stocks declined on Thursday as Merrill Lynch downgraded its investment rating on the sector on expectations of weaker profit growth in 2009 due to a slowing economy and a sluggish property market.

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