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Monday November 9th, 2026

For all its a struggle to get the essentials of life

SUPPLIES – Fruit vendor making sales in Mirihana, Nugegoda,today March 28, 2020/EconomyNext.com

ECONOMYNEXT – Across the districts designated as the most affected by the COVID 19 threat, the fear of the disease is tinged by the concern that the prolonged curfew will deprive families of the essentials of life.

The districts of Colombo, Gampaha, Kalutara, and Puttalam have been under a blanket curfew since March 24, total of 16 days with no end in sight.

Well-placed government sources told EconomyNext that these regions are also looking at least two weeks more of curfews and restrictions as the authorities are keen to prevent community transmission of the virus.

Kandy and Jaffna are also under the same curfew regime although they began later than the hot spots in the Western Province.

This period of the year is also when for millennia Sri Lankans of all creeds have gathered around their families, the very thing we need to prevent to ensure COVID 19 doesn’t become too much of a family matter.

Placing everyone under the blanket at the time when the Sinhala and Tamil New Year, Easter and the advent of Ramazan occur therefore is vital.

In most homes, particularly the middle-class salaried, anxiety levels are high as many private companies slash wages and see little prospect of short-term and even medium term recovery.

Getting the daily supplies, erratic in some areas, sporadic in most, and smooth and well-functioning in rare cases is dependent on having ready cash.

Up and down the income scales people are digging into savings with the lower-income groups crowding the Pawn shops when it is possible to get to those.

At the meeting of the political party leaders held with President Gotabaya Rajapaksa on Monday, the  Opposition Samagi Jana Balavegaya (SJB) called on the government to improve the distribution of food and medicines to citizens unable to move because of curfews “as there are serious issues with these supplies.”

In a press release the SJB said this was the most serious issue facing the public.

Anecdotal evidence and the bulk of the social media chatter in the past two weeks has moved from the fears of the spread of COVID 19 to serious concern about the availability of food, medicine and general hygiene products such as soap, detergents, insecticides and feminine sanitary ware.

Supermarkets offering deliveries such as Cargills, Keels and Laugfs are overwhelmed by orders and are behind in deliveries by more than 24 hours, local managers said.

The decision by the government to keep Pharmacies continously open from today (April 9, 2020) will bring much relief. Last week saw long-queues outside these establishments as patients – or their family members – bought life-saving medicines mostly for chronic conditions such as diabetes, hypertension and lung conditions.

The latter are known to increase the risk of death for those who contract COVID-19.

The Supply Chain

BELOW CAPACITY – The normally bustling Dambulla economic center is open but below capacity

The government’s strategy to supply the daily essentials – bread, vegetables, dry rations and fish – is to allow the private sector to take over the delivery while facilitating permits and working through the existing government administrative set up.

Prof. Charitha Herath who is a key part of the Presidential Task Force for Essential Services says that consumers cannot expect normal services.

“These are not normal times, and this is also not a situation where there is an armed conflict,” he pointed out to EconomyNext on Thursday (April 9).

Former Governor and Human Rights activist Rajitha Keerthi Tennekoon says that the government needs to “loosen up and allow the markets to function as they were.”

Tennekoon told EconomyNext that the level of frustration amongst the farmers and the regular transporters and traders in vegetable for instance was very high.

But, from the informal poll we were able to conduct among our staff – now all working from home – as well as contacts were able to telephone in some of the districts with the long curfew, we found that supply chains in some areas were excellent, some sporadic or patchy and in a few, extremely dysfunctional.

Our reporter Imesh Ranasinghe who lives in the Bandaragama area in the Kalutara district said he was well-supplied with bread and other essentials arriving steadily. His mother who lives in the Panadura urban area did not have trucks or three-wheelers arriving with food, “but doesn’t really lack for anything,” Ranasinghe said.

In most areas local groups from Welfare Associations to the ubiquitous Death Donation Societies have stepped up. In Jayanthipura in Battaramulla, local residents said, the Welfare Association has a WhatsApp group which informs the membership whenever supply trucks with essentials turn up.

In the Mirihana area where my family lives, the local association was the first to distribute dry rations to their members. Regular supplies by Tuk and Batta are common, although the traders did say the regular run of trucks from the major supply centres in Dambulla, Keppetipola and Embilipitiya were not running as normal.

In Boralesgamuwa our staffer Himal Kotelawela discovered that the local Grama Sevaka is key. Supplies to his neighborhood were patchy until he called the Grama Sevaka “and now we get supplies regularly,” he said.

While the suburbs were more or less like that, living in Central Colombo is different, reporter Mahadiya Hamza said. “There are very few houses here so the vendors don’t come to the doorstep,” she said.

However “some shops and little markets are open for a few hours in the morning and we can get our supplies,” she added. Meat shops are however closed.

In Kandy where the lengthy, indefinite curfew is relatively recent, supply chains seem to be working. Regular supplies by local traders as well as the chains and supermarkets are available.

Almost everywhere it appears the local “corner shops” and their modern equivalents are doing well. Many of them have been given permits by the authorities to purchase in bulk and are serving their regular customers.

Police have warned them not to allow too many shoppers to crowd their shops and to only let in one person at a time.

In a few places residents we spoke to said local traders were running their own telephone order system and accepting payment electronically.

Dr Sarath Ilangantilaka, a retiree living in Pallekelle said his own grocer was “supplying almost everything we need and accepting on-line payments.”

While the middle-classes appear to be functioning at some level people on government assistance are scrambling for cash and supplies, opposition politicians said.

Herath said the government has set aside over Rs. seven billion to service these people on Samurdhi and other assistance schemes. (Colombo, 9 April, 2020)

Sri Lanka stocks close up 1.37-pct, banks lead turnover

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed up on Monday, CSE data showed, with the benchmark All Share Price Index moving up 1.37 percent.

The ASPI was up 291.72 points at 21,531.37, while the more liquid S&P SL20 was up 1.67 percent, or 100.96 points, at 6,146.34.

Positive contributors to the ASPI were Commercial Bank of Ceylon (up 2.86 percent at 216.00 rupees), Hatton National Bank (up 1.52 percent at 399.75 rupees), Asiri Hospital Holdings (up 12.86 percent at 31.60 rupees), Tokyo Cement Company (up 5.22 percent at 84.70 rupees), and Access Engineering (up 3.93 percent at 81.90 rupees).

Carson Cumberbatch (down 4.24 percent at 712.00 rupees), Richard Pieris and Company (down 2.43 percent at 28.10 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), Renuka Holdings (down 2.63 percent at 37.00 rupees), and Chevron Lubricants Lanka (down 0.61 percent at 204.25 rupees) were top negative contributors.

Market turnover was 3.33 billion rupees. The S&P/CSE Banks Industry Group led turnover with 667.76 million rupees.

The session saw heavy crossings, according to Raynal Wickremeratne, Head of Research and Strategy at NDB Securities. Significant crossings included Keells (23 million rupees), Distilleries Company (27.7 million rupees), Sunshine Holdings (30.6 million rupees), Commercial Bank (32.4 million rupees), Ceylon Tobacco Company (35.6 million rupees), Hatton National Bank (39.5 million rupees), Prime Lands (40.5 million rupees), and HAS Holdings (41.5 million rupees).

In corporate news, Hayleys Retail Holdings Ltd announced it has partnered with supply chain software provider Blue Yonder to build and scale an AI-native grocery supermarket chain across Sri Lanka. (Colombo/Nov09/2026)

 

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Sri Lanka’s Hayleys Retail to launch supermarket chain with Blue Yonder

ECONOMYNEXT — Hayleys Retail Holdings Ltd has selected supply chain software provider Blue Yonder to build its grocery retail operations from the ground up, the two companies said in a joint statement.

Hayleys Retail, a member of Sri Lanka’s diversified conglomerate Hayleys Group, plans to open several stores in the near future to serve consumers across the country. The agreement marks Blue Yonder’s first retail customer in Sri Lanka.

“Our entry into supermarket retail is about bringing that same commitment to quality and reliability closer to everyday Sri Lankan consumers,” Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC said.

“With Blue Yonder, our teams will have AI-driven insight to deliver a seamless, consistent shopping experience across every store,” he said.

Hayleys, which accounts for approximately 5 percent of Sri Lanka’s export income and operates across 17 business sectors, is entering the large-scale supermarket space by drawing on its group strengths in manufacturing, logistics, and services.

The company selected Blue Yonder to connect its data across merchandising and shelf space, deploy artificial intelligence agents to catch operational issues early, and scale its business into a national network without changing platforms.

The rollout will begin with merchandise operations to manage suppliers, items, costs, and pricing, followed by machine learning capabilities to forecast demand and balance store inventory during seasonal peaks.

“Hayleys Retail is choosing one where AI is the foundation rather than an add-on—connected data and agentic AI built into core merchandising operations, and planning that learns as the business grows,” Antonio Boccalandro, President, APAC at Blue Yonder said.

The retailer plans to use the platform to automate routine store tasks and adjust inventory according to real-time sales and local market trends as its store footprint grows. (Colombo/Nov09/2026)

 

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Sri Lanka’s Citrus Leisure extends Lotus Tower management pact

ECONOMYNEXT – Sri Lanka listed hospitality firm Citrus Leisure said it has extended an agreement to manage consumer-facing and entertainment spaces at the Colombo Lotus Tower, which includes revolving restaurant Blue Orbit, until June next year.

The initial agreement signed between Citrus Leisure and Colombo Lotus Tower Management Company (Private) Limited (CLTMC) is due to expire on December 11.

“The Board of Directors of CLTMC at meeting held on 2nd November 2026 has resolved to extend the term of the Management Agreement and continue the existing Management Agreement until 30th June 2027, to which the company has given its concurrence,” the company said in a market filing.

Citrus Leisure Plc opened its revolving restaurant at the Lotus Tower in December 2023.

The company signed a 3-year agreement with CLTMC in May 2023 to provide services in the management of (l) the banquet hall 1 on the 25th floor, (2) the banquet hall 2 on the 26th floor, (3) the revolving restaurant on the 27th floor, (4) the 6 suites situated on the 28th floor and the kitchen in the basement floor of the Colombo Lotus Tower.

The 350-meter or 1,150-feet tower, the tallest in South Asia, was built at a cost 104.3 million US dollars with 80 percent of the money borrowed from Exim Bank of China.

Located in the commercial heart of Colombo, the tower has been called a symbolic landmark of Sri Lanka as well as a colossal white elephant and has been mired in controversy for years. (Colombo/Nov9/2026)

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CIC Holdings Sept quarter net profit rises 20-pct to Rs1.7bn

ECONOMYNEXT — Sri Lanka conglomerate CIC Holdings recorded a net profit of 1.66 billion rupees for the quarter ended September 30, rising 20.3 percent from 1.38 billion rupees in the same quarter last year, interim accounts showed.

The group posted basic earnings per share of 0.87 rupees for the September quarter, up from 0.73 rupees a year earlier.

Quarterly revenue grew 3.4 percent to 20.89 billion rupees from 20.20 billion rupees, supported by broad-based growth across industrial solutions, livestock, and healthcare segments, which counterbalanced relative demand moderation in agricultural inputs.

Cost of sales rose 5.3 percent to 15.20 billion rupees, outpacing revenue growth and causing gross profit to contract marginally by 1.2 percent to 5.68 billion rupees.

Results from operating activities dropped 7.3 percent to 2.66 billion rupees from 2.87 billion rupees, impacted by higher operating overheads.

Selling expenses expanded 6.8 percent to 2.15 billion rupees, and general and administrative expenses climbed 5.8 percent to 1.07 billion rupees, while other operating income dropped 29.6 percent to 117.40 million rupees.

However, operating profits were cushioned by an impairment reversal on trade receivables of 85.83 million rupees, turning around from an impairment provision of 23.38 million rupees in the corresponding quarter last year.

Net finance costs climbed 35.4 percent to 712.25 million rupees from 526.01 million rupees.

The increase was driven by a 30.8 percent rise in finance expenses to 771.46 million rupees, primarily reflecting higher interest expenses on loans to finance elevated working capital and inventory requirements.

The quarter’s bottom line was strongly bolstered by CIC’s equity-accounted investment in John Keells Holdings PLC (JKH).

Share of profit from equity-accounted investees surged more than fourfold to 590.50 million rupees from 257.87 million rupees, driven by JKH’s strong profit expansion during the period.

The group also recognized a gain on bargain purchase of 55.59 million rupees during the quarter resulting from additional share purchases in JKH where the proportionate net asset value exceeded acquisition cost, compared to no such gain a year earlier.

With associate income gains offsetting operating margin contraction and higher borrowing costs, group pre-tax profit held virtually flat at 2.59 billion rupees, down 0.11 percent.

Income tax expense fell 29.4 percent to 606.24 million rupees from 858.71 million rupees, driving total group profit for the period up 14.1 percent to 1.98 billion rupees.

Total group assets stood at 108.58 billion rupees as of September 30, up from 99.75 billion rupees at the end of March 2026.

Group net asset value per share increased to 25.52 rupees from 22.10 rupees a year earlier.

CIC Holdings’ ordinary voting shares closed at 27.80 rupees at the end of September.(Colombo/Nov09/2026)

 

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Sri Lanka stocks trend up; ASPI gains 0.78-pct

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange was trading higher on Monday, CSE data showed, with the benchmark All Share Price Index moving up 0.78 percent.

The ASPI was up 165.73 points at 21,405.38, while the more liquid S&P SL20 was up 0.61 percent, or 37.04 points, at 6,082.42.

Positive contributors to the ASPI were Commercial Bank (up 1.55 percent at 213.25 rupees), Ceylon Cold Stores (up 2.61 percent at 128.00 rupees), Asiri Hospital Holdings (up 10.00 percent at 30.80 rupees), Hemas Holdings (up 1.27 percent at 32.00 rupees), and Ambeon Holdings (up 6.02 percent at 37.00 rupees).

Namunukula Plantations (down 3.92 percent at 63.70 rupees), LOLC Holdings (down 0.62 percent at 400.00 rupees), and Chevron Lubricants Lanka (down 0.12 percent at 205.25 rupees) were top negative contributors.

Market turnover was 428.31 million rupees. Capital goods led turnover with 82.53 million rupees. (Colombo/Nov09/2026)

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Sri Lanka rupee at 332.54/58 to US dollar spot, bond yields steady

ECONOMYNEXT – Sri Lanka’s rupee was quoted at 332.54/58 to the US dollar spot on Monday, stronger from 332.55/60 Friday, while bond yields held broadly steady, dealers said.

A bond maturing on 15.09.2029 was quoted at 10.90/95 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 was quoted at 11.00/10 percent, down from 11.05/10 percent.

A bond maturing on 01.02.2031 was quoted at 11.10/20 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 was quoted at 11.58/68 percent, up from 11.55/65 percent.

A bond maturing on 01.06.2033 was quoted at 11.80/95 percent, up from 11.80/85 percent.

A bond maturing on 15.10.2034 was quoted at 12.08/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 was quoted flat at 12.30/40 percent.

The telegraphic transfer rate for the dollar was 328.05 buying, 337.05 selling; the euro was 363.3528 buying, 377.1336 selling; pound was 437.5954 buying, 451.7038 selling.

On the Colombo Stock Exchange the All Share Price Index was up 0.78 percent, or 165.42 points, at 21,405; while the S&P SL20 was up 0.58 percent, 35.19 points, at 6,080.

90,000 million rupees Treasury bills are to be issued through an auction on November 11. (Colombo/Nov9/2026)

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