May 25 (Reuters) - Sri Lankan shares closed lower on Thursday, dragged by losses in industrial and financial stocks. The CSE All Share index settled down 0.48% at 8,712.72, snapping two straight session of gains.

The debt-laden island nation should be able to conclude a new round of restructuring talks by September or November at the latest, its president Ranil Wickremesinghe said on Thursday, adding the negotiations had made “remarkable” progress.

Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund in March and has previously said it aims to complete talks on restructuring debt owed to bilateral creditors and overseas bondholders by September.

Conglomerate Expolanka Holdings PLC and financial service provider LOLC Finance PLC were the top losers on the CSE All Share, falling 2.79% and 2%, respectively.

Trading volume on the CSE All Share index fell to 22.9 million shares from 42.7 million in the previous session.

The equity market’s turnover fell to 893.5 million Sri Lankan rupees ($2.95 million) from 940.7 million rupees in the previous session, according to exchange data.

Foreign investors were net buyers, purchasing stocks worth 507.6 million rupees, while domestic investors were net sellers, offloading shares worth 880.8 million rupees, the data showed.