Sri Lankan shares fall for third straight day

May 21 (Reuters) - Sri Lankan shares ended lower for a third consecutive session on Friday, hurt by a fall in industrial and financial stocks.

* The CSE All-Share Index closed 1% lower at 7,220.72.

* Conglomerates LOLC Holdings and Browns Investments Plc were the top two drags on the index, falling 3.3% and 4.5%, respectively.

* Trading volumes surged to 234.7 million from 116.9 million in the previous session.

* Foreign investors were net sellers in the equity market, offloading shares worth 199.3 million Sri Lankan rupees, according to exchange data.

* Equity market turnover was 2.29 billion rupees, the data showed.

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* For a report on major currencies, click (Reporting by Sachin Ravikumar in Bengaluru; Editing by Aditya Soni)