Dec 20 (Reuters) - Sri Lankan shares closed lower on Monday, weighed down by losses in industrial and financial stocks, and after ratings agency Fitch downgraded the country's sovereign rating over the weekend.

* The CSE All-Share index ended 0.88% lower at 11,650.10 points.

* Conglomerate LOLC Holdings and financial company LOLC Development Finance were the top two drags on the index, falling 1.8% and 4.3%, respectively.

* The equity market's turnover was 5.42 billion rupees ($26.83 million), according to stock exchange data https://www.cse.lk/pages/daily-market-summary/daily-market-summary.component.html.

* Trading volume fell to 239.9 million shares from 314.1 million shares in the previous session.

* Foreign investors were net sellers in the equity market, offloading shares worth 104.8 million rupees, as per exchange data.

* Fitch on Saturday downgraded Sri Lanka's sovereign rating to 'CC' from 'CCC', citing a growing risk of debt default in 2022, despite repeated assurances from the central bank that steps will be taken to meet all repayments.

* The central bank on Saturday said https://bit.ly/3Ek9AoM it "strongly disputes" Fitch's action and that Fitch demonstrated "its failure to recognise the positive developments taking place in Sri Lanka".

* The island-nation reported 551 new coronavirus cases in the last 24 hours, taking the total to 579,685, while deaths rose by 18 to 14,752, data from the country's health bureau showed https://bit.ly/3rFnGyb.

* About 63.34% of the country's population has been fully vaccinated, according to data from Johns Hopkins University https://coronavirus.jhu.edu/region/sri-lanka.

* For a report on global markets, click ($1 = 202.0000 Sri Lankan rupees) (Reporting by Anuron Kumar Mitra in Bengaluru)