Sri Lankan shares closed lower on Monday, snapping a five-day winning streak, weighed by losses in industrial shares.

The CSE All-Share index, which closed at a record high in the previous session, dropped 0.41% to 8,894.44 points.

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

Conglomerate Expolanka Holdings Plc was the top drag, falling 4.9%.

Sri Lankan shares end at record high, post best weekly gain in 7 months

COVID-19 cases rose 4,612 in the last 24 hours, taking the total to 431,519, even as the island-nation remains under a lockdown. The country on Friday extended its lockdown, which was to end on Aug. 30, to Sept. 6.

Sri Lanka reported 192 fatalities due to COVID-19 in the last 24 hours, bringing the death toll to 8,775.

Data from Johns Hopkins University showed the country has fully vaccinated 32.30% of its population so far.

The equity market's turnover was 12.85 billion rupees, according to stock exchange data.

Trading volume on the exchange rose to 650.2 million shares from 648.6 million shares in the previous session.

Foreign investors were net sellers in the equity market, offloading shares worth 223.3 million rupees, exchange data showed.

Twenty-nine stocks hit fresh highs, while 30 hit new lows on the main exchange, according to Refinitiv Eikon data.