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Monday November 9th, 2026

Sri Lanka should allow active, targeted, voluntary Coronavirus tests on high risk groups as curfews lift: Advocata

Sri Lanka should shift from only testing contacts of index cases that turn up with symptoms and relax current controls on private testing, encourage voluntary and private sector tests on high risk group as curfews are relaxed, Advocata Institute, a Colombo-based think tank has said.

“In dealing with the COVID-19 pandemic, Sri Lanka has been aggressively contact-tracing and later testing contacts of index cases that have turned up showing symptom,” Advocata said.

“Contact tracers in the health service and military have done a commendable job.

Gaps in the initial testing regime including not testing first-level contacts immediately to find whether the next level could be infected and releasing people from quarantine before testing have been closed.

But there was another gap that needs to be closed.

“The current contact tracing strategy has a serious flaw in that it is too dependent on symptomatic cases and there is no way to detect an infected index case that is asymptomatic,” the think tank said.

“Voluntary testing, random testing of people in high-risk areas will increase the chance of asymptomatic index cases and members of clusters being discovered.

“Once curfew is lifted, the front office staff of any institution including airports, quarantine workers, cleaning staff, people working in economic centres, and drivers may be exposed to higher risks.

“Those in driving/delivery related jobs, in particular, would also be in a position to spread the disease faster and to a greater area.”

Under the current testing strategy, there is zero chance of an asymptomatic person who is not linked to a known index case from being discovered by authorities. Since the growth of a cluster is exponential, time is of the essence.

People may require a test for a variety of reasons including because they are in a high-risk occupation, meeting many people, or they want to look after or visit an elderly person.

Allowing voluntary drive-in tests outside of hospitals and using data will help authorities to create a live map at no cost to the public purse, Advocata said.

The full statement is reproduced below:

Advocata Institute: Sri Lanka has to shift away from passive tests, to active, voluntary and targeted testing as curfews are lifted

By the Fellows of the Advocata Institute

Voluntary testing, random testing of people in high-risk areas will increase the chance of asymptomatic index cases and members of clusters being discovered.

In dealing with the COVID-19 pandemic, Sri Lanka has been aggressively contact-tracing and later testing contacts of index cases that have turned up showing symptoms. Contact tracers in the health service and military have done a commendable job.

Initially, Sri Lanka did not test contacts of index cases as soon as they were quarantined and also did not test quarantined persons before release. But these are gaps that have now been closed.

In addition, tight curfews have been placed in the country for weeks, for any exposed person that the contact tracers had missed, including anyone who came to the country before March 19 when the airport was closed, to develop symptoms and come to the hospital.

Several large clusters including the Bandaranaike Pura cluster relating to an index case that returned from India on March 12, as well as the cluster from a case found in Suduwella Ja-Ela during curfew shows that the strategy was useful.

Current Testing Strategy is Dependent on Symptomatic Cases

The current contact tracing strategy has a serious flaw in that it is too dependent on symptomatic cases and there is no way to detect an infected index case that is asymptomatic.

The best practice adopted in the countries with the most success is to trace at least three levels of contacts (F1,F2,F3) of an index case (F0). If there are confirmed cases at any given level, the next level is traced, quarantined, and tested.

The longer the delay in discovering the index patient, the higher the chance that the disease has spread to multiple levels. Each level expands exponentially, therefore time is of the essence.

Contact tracers wait for index cases to show up in the hospital with symptoms to find the contact levels to kickstart the tracing process.

Authorities also wanted to get all index cases to state hospitals where they are able to exercise tight control and prevent further spread.

In a situation where tight curfew is imposed, this may be acceptable as the exponential expansion of new levels of contacts is stopped and the cluster is localized to where people can move around in houses close by.

However, it will not be the case when the curfew is lifted.

<b>High-Risk Groups during Curfew and After</b>

Even during curfew there are several high-risk groups that may get infected. These are delivery personnel, postmen, drivers and cleaners of vehicles, as well as medical staff and cleaning staff at hospitals.

Once curfew is lifted, the front office staff of any institution including airports, quarantine workers, cleaning staff, people working in economic centres, and drivers may be exposed to higher risks.

Those in driving/delivery related jobs in particular would also be in a position to spread the disease faster and to a greater area.

After curfew is lifted the government could sample test people in high-risk areas.

These include front office staff of hotels or any company, cleaning staff, transport and delivery personnel, restaurant/supermarket workers, taxi, truck, and other vehicle drivers and sex workers.

<b>Voluntary and private random testing</b>

Sri Lanka has imposed a price control on PCR testing. This price control does not account for the costs of personal protective equipment (PPE), the cost of medical staff, and the safe disposal of medical waste.

If the concerns of authorities are that hospitals could get infected, testing and sample collections could be done outside of private hospitals.

Removing the price control would allow competition to drive the cost down, and would allow the private sector to expand testing capacity.

Opportunities should be provided for companies to negotiate bulk discounts and multiple validated testing points should be allowed. Companies and employees could be encouraged to share the cost.

To reduce the cost on the government, opportunities should be provided for voluntary testing and testing at the cost of the employer; especially for front office staff and sample testing of factory workers.

This way any index cases that have slipped through the net and any second contacts of index cases who have since recovered could be discovered.

Under the current testing strategy, there is zero chance of an asymptomatic person being discovered by authorities. Since the growth of a cluster is exponential, time is of the essence.

People may require a test for a variety of reasons.

Any individual who does not have symptoms but may feel that he/she was exposed due to going to a crowded place or any other high-risk location, that they have COVID-19 should have an opportunity to get a PCR test from at his or her own expense, preferably through a drive-through system.

Any individual who has to look after an elderly person or visit an elderly person may have a need for a test.

Many countries, including Korea, are already asking for pre-flight tests from foreign visitors. The current state testing regime there is no opportunity for anyone to get a test.

Drawing from the process adopted in countries like the UAE, results could be sent by text messages and other online methods. The same could be shared with authorities to construct a live map without burdening the public sector.

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Sri Lanka rupee closes at 332.53/59 to US dollar spot, bond yields edge up

ECONOMYNEXT – Sri Lanka’s rupee closed at 332.53/59 to the US dollar spot on Monday, from 332.55/60 the previous day, while bond yields closed higher, dealers said.

A bond maturing on 15.09.2029 closed at 190/98 percent, up from 10.85/95 percent.

A bond maturing on 01.08.2030 closed at 11.07/12 percent, up from 11.05/10 percent.

A bond maturing on 01.02.2031 closed at 11.30/40 percent, up from 11.10/15 percent.

A bond maturing on 15.12.2032 closed at 11.65/70 percent, up from 11.55/65 percent.

A bond maturing on 01.11.2033 closed at 11.95/12.00 percent, up from 11.90/95 percent.

A bond maturing on 15.10.2034 closed at 12.10/15 percent, up from 12.05/12 percent.

A bond maturing on 15.08.2036 closed at 12.40/50 percent, up from 12.30/40 percent. (Colombo/Nov9/2026)

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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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