Sri Lankan shares closed at a record high on Friday and posted their best week in seven months, as consumer stocks gained.

The CSE All-Share index, which rose as much as 1.78% during the session, gave up most gains to close 0.12% higher at 8,931.33 points.

COVID-19 cases rose by 4,602 in the last 24 hours, taking the total to 412,370, even as the island-nation remains under a lockdown. The country on Friday also extended its lockdown, which was to end on Aug. 30, to Sept. 6.

Sri Lankan shares gain for fourth session as industrial stocks jump

Meanwhile, S&P Global cut Sri Lanka's CCC+ sovereign rating outlook to "negative" from "stable" on Friday, warning the government may find it increasingly difficult to finance itself over the next 12 months.

The benchmark index has risen 8.4% for the week, the most since the week ending Jan. 22.

Sri Lankan shares, which have gained 31.84% so far this year, have been the best performers in Asia, according to Refinitiv Eikon data.

Conglomerate Browns Investments Plc was the top boost to the index on Friday, gaining 24.7%.

Sri Lanka reported 209 fatalities due to COVID-19 in the last 24 hours, bringing the death toll to 8,157.

Data from Johns Hopkins University showed the country has fully vaccinated 28.08% of its population so far.

Thirty-two stocks hit fresh highs, while 26 hit new lows on the main exchange, according to Refinitiv Eikon data.