Sri Lankan shares drop over 1% as industrials, financials weigh

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March 2 (Reuters) - Sri Lankan shares fell more than 1% on Wednesday after two sessions of strong gains, weighed down by losses in industrial and financial stocks.

* The CSE All-Share index (.CSE) ended down 1.48% at 11,406.34. The index had posted gains of more than 4% in the previous two sessions, while the market was shut on Tuesday.

* Conglomerates Expolanka Holdings (EXPO.CM) and LOLC Holdings (LOLC.CM) were the top drags on the index, closing 3% and 2.6% lower, respectively.

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* Foreign investors were net sellers in the equity market, offloading shares worth 95.1 mln rupees ($469,629.63), while domestic investors were net buyers, picking up shares worth 3.02 billion rupees, exchange data showed.

* The equity market turnover was 3.07 billion rupees.

* The trading volume fell to 132.8 million shares from 212.3 million shares in the previous session.

* Investors will be looking out for the central bank rate decision on Friday. A Reuters poll estimates the central bank will raise rates for the second time this year. read more

* The island-nation has reported 646,948 coronavirus cases and 16,244 deaths as of Tuesday, data from the country's health bureau showed.

* About 65.03% of Sri Lanka's population has been fully vaccinated, according to data from Johns Hopkins University.

* For a report on global markets, click

($1 = 202.5000 Sri Lankan rupees)

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Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Aditya Soni

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