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Monday November 9th, 2026

Opinion: Sri Lanka ruling party is ahead with 12 days to go for Parliamentary polls

ECONOMYNEXT – Sri Lanka is nearing the end of the Parliamentary General Election campaign, and the ruling Sri Lanka Podujana Peramuna (SLPP) is ahead, the Samagi Jana Balavegaya (SJB) second with United National Party (UNP) third and the National People Power (NPP) alliance in fourth place, according to most observers.

The starter’s gun for the Parliamentary General election went off with the dissolution of Parliament on March 2 and many things have changed since then.

At that time when President Gotabaya Rajapaksa set the campaign rolling his party was riding high on a wave that saw him win a million votes more than his nearest rival Sajith Premadasa last November.

The then government had resigned and handed over the reins to Prime Minister Mahinda Rajapaksa once again, and SLPP supporters were ecstatic.

Gotabaya had billed himself as the man who can get things done, and more importantly protect us from evil. The Easter Sunday attacks by Muslim extremists bolstered his national security-centred campaign.

Also since the 2018 attempt by President Maithripala Sirisena to install Mahinda Rajapaksa as Prime Minister failed, the already dysfunctional Yahapalanaya government became shambolic and was an easy target.

The main opposition UNP, after the huge defeat, collapsed in a heap with the Premadasa and Wickremesinghe faithful blaming each other for the disaster.

The SJB was born and Wickremesinghe engineered a tussle over the Elephant symbol, effectively splitting the party. Most sitting UNP Members of Parliament chose to join the Premadasa-led SJB.

Meanwhile, the demoralized Sri Lanka Freedom Party (SLFP) which had been on life-support, caved in to form an alliance with the SLPP, willing to forego the Hand symbol and contest under the SLPP symbol, the Pohottuwa.

Its leader, the outgoing President Maithripala Sirisena, chose to contest his home seat of Polonnaruwa and not even as the district leader, but as an ordinary member.

MANIFESTO LAUNCH – Samagi Jana Balavegaya Leader Sajith Premadasa with General Secretary Ranjith Madduma Bandara, Eran Wickremaratne and other leaders at the launch of the party manifesto

Curbing COVID during the campaign and the hasty slogan

The SLPP may be headed for a comfortable victory in the elections on August 5, but the road to the poll date since November has not been smooth.

The COVID 19 pandemic has been both a problem and an asset to the administration.

It had not heeded the early warnings of the pandemic when then Leader of the Opposition Sajith Premadasa said we should isolate ourselves being an island nation and take precautions.

A former head of the Health Department’s Epidemiological Unit Dr Nihal Abeysinghe, who is contesting in Horana on the NPP ticket, says the World Health Organisation declared a global pandemic at the end of January but the government restricted travel into the country and began quarantines only in March.

Instead, the Tourist Board advertised Sri Lanka as a safe destination and invited visitors in. A young Chinese woman tourist was detected as the first patient and when she was cured and discharged, Health Minister Pavithra Wanniarachchi sent her off with a hug and a kiss with cameras in attendance.

The first Sri Lankan patient, however, got it from a group of Italian tourists he had been guiding and it was only then that the government got serious.

President Rajapaksa went to his default solution to most issues, that is to mobilise the military, and that worked. Sri Lanka’s armed forces are working well with the Health Services, excelling in contact tracing and setting up and running quarantine centres in no time.

Candidate Abeysinghe says, after that, the management of the crisis by the Health Service and the Armed Forces has been good, limiting the spread of the disease and minimizing deaths.

Politically however it was a misstep for the government to liken the anti-pandemic effort to the fight against the separatists saying “we can defeat COVID in the same way we defeated terrorism.”

The Health Minister then predicted that by April 19, COVID would go away. But then the disease began spreading in the Welisara Navy camp, eventually causing 906 Navy Personnel, their family members and associates to become infected.

On May 20, Health Minister Wanniarachchi announced there was no more community transmission as all new cases for 3 weeks have been reported from either the Quarantine Centres or the Welisara Navy Camp.

With that in hand, the government went into the final stretch of the election campaign with the slogan “we beat COVID” (කොවිඩ් ජයගත්).

Then came the COVID outbreak at the Kandakadu Rehabilitation camp and the spread of the disease from there to numerous locations around the island where staff had visited or returned home. Up to now more than 550 COVID 19 positive cases have been reported from this cluster.

The slogan got tarnished with that.

In an interview with EconomyNext SLPP candidate, Tharaka Balasuriya said: “that slogan may have been a mistake.”

His opponent SJB candidate Eran Wickremaratne pounced on the issue saying “some problems you can solve by shooting, but problems concerning health and the economy you cannot solve by shooting. They are far more complex, you need lots of specialists and experts.”

He also said that the “world is distrustful” of the government’s narrative of the COVID situation in Sri Lanka, pointing to the European Union which has included Sri Lanka in a list of countries from which visitors are not allowed into the territories of the group.

“We have only 11 deaths and Singapore has thousands but they are allowed in,” the SJB candidate told EconomyNext.

However, on Friday, July 24, the United Kingdom lifted a travel advisory to Sri Lanka allowing its citizens to come here. It is still not allowing Sri Lankans to travel to the UK.

The Director-General of Health Services Dr Anil Jasinghe has continued to say that he has not “hidden anything and we have nothing to hide.”

Popular sentiment is that the government, the Armed Forces and the Health Services have done well to control the pandemic and minimise deaths.

THE SLPP FAITHFUL – Parliamentary General Elections Rally in Badulla in July 2020

Bumps in the campaign SLPP campaign trail

Apart from COVID which looms large over the election, there were other blips on the way for the government.

Management of the economy has been troubled, with the COVID crisis sending the country into a deeper mess than it already was when the new administration took over.

The President ordered the Value Added Tax removed and Pay As You Earn (PAYE) Income Taxation stopped after he was elected.

The hope was to put more money into the pockets of people and create an economic stimulus. However this grossly reduced revenue collection by the government and when COVID hit this caused issues for the Treasury.

Later President famously badgered the Central Bank to reduce the statutory amounts commercial banks had to deposit with it to release around Rs 150bn into the market. This move was made to allow the banks to lend more to businesses.

Pouring more money into the economy and making loans cheaper will reduce the interest rates depositors will get and retired folks living on fixed deposit earnings will take a hit.

Companies, however, will have access to cheaper credit and this will help them through the crisis.

The government has also allowed the monetization of dues the government has to pay contractors, a move criticized by some economists as damaging to the economy.

Import controls have been imposed and a “Nationalist economy” proposed which has hurt a number of industries including many in the export sector. But it has served to shore up the Sri Lankan Rupee.

THE RIGHT TO CHOOSE – Activists protest against Prime Minister Mahinda Rajapaksa’s comments about the Premadasa family’s childlessness

Archaeology and Human Rights

There were also other issues that are dogging the SLPP campaign close to the end of the campaign.

One of them is the bulldozing of the Buwenaka Hotel in Kurunegala, where the Prime Minister is a contestant.

The city’s SLPP Mayor Thushara Sanjeeva is taking responsibility for the act saying it has to give way for road development.

The place is also a heritage site, raising the ire of Nationalists and arch-conservatives who are the backbone of the SLPP.

The PM called for an expert committee report, the Attorney General has asked the Police to take action against the perpetrators and the country waits to hear what Mahinda Rajapaksa will do.

The official SLPP line articulated by candidate Vidura Wickremanayake on Friday is that “if there is proof that there was a building of archaeological value destroyed whoever is responsible must be punished.”

The expert committee that was set up by the Prime Minister to report on the matter said that whoever who has destroyed the building should be punished under the law.

Will the PM protect Sanjeewa, who is a key player in the district he is a candidate from or go with the experts and the Attorney General who want those responsible punished, is the question.

Then this week Rights activists were outraged over remarks the Prime Minister made which they said denigrated childless couples.

In a campaign speech, Rajapaksa said “he (Premadasa) talks about pressing a button to summon the Midwife, of course, he won’t need it…” in the audience someone says “he does not have children,” and the PM responds saying “hush, don’t say that.”

Women’s groups said that the PM, a former President, had made fun of women who could not or chose not to have children.

In a letter handed over to the Prime Minister, they said politicians should respect the reproductive rights of men and women and demanded he apologise.

The Prime Minister’s office has not responded.

A BIG DRAW – Large crowds packed the venues as President Gotabaya Rajapaksa campaigned in Polonnaruwa on Sunday July 5

The SLPP is well ahead

But despite these bumps in the road, the SLPP is well ahead in the race.

Opposition campaigners say the network of SLPP supporters around the country is strong and well organised and hard to fight against.

Lihini Fernando, a Municipal Councillor campaigning for the SJB in the Moratuwa area, told EconomyNext that her party “has to deal with the welfare politics of the SLPP on the ground. They have the money and the network,” she said.

The NPP’s Abeysinghe said in remote parts of Kalutara he found villagers heavily dependent on welfare programs created by the last Rajapaksa government and felt they had to vote for the SLPP out of gratitude.

The party is also helped considerably by the open support of the two biggest private TV channels as well as some state media.

Meanwhile, the SLPP has carried out a high profile campaign with meetings across the country.

An ageing Mahinda has gamely led the campaign, not with his usual vigour, but coping as well as he can.

Some observers have said that the Prime Minister’s campaign has been “faltering” and that was the reason the President, who was not planning to lead the campaign, has entered the scene.

President Rajapaksa has been a major draw at campaign events in Polonnaruwa, Kandy, Colombo and the South.

Even though the SLPP may be running out of steam, it is still a question whether the SJB which is its main challenger, or the UNP has the capacity to take advantage of the situation.

The final result, or how each party is doing, is hard to say as Sri Lanka does not have independent polls. The best we can do is to talk to observers and party insiders and conduct a straw poll.

Under the current standings it most likely that the SLPP will win a stable simple majority, getting between a low of 120 seats to a high of 130, still short of the 150 – a two-thirds majority – they have asked the electorate to give them so that they can make changes to the Constitution.

The SJB will probably hit 50 and will be lucky to get above 60, the UNP will get between 15 and 20 and the NPP about the same as they had in the last Parliament.

There just 12 days to go and will things change? Time will tell. (Colombo, July 25, 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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