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Monday November 9th, 2026

COVID-19 jabs can take weeks to work, continued vigilance vital: Sri Lanka epid experts

ECONOMYNEXT – Vaccination against COVID-19 will help bring the death rate down and minimise severe disease but the jab can take weeks to be fully effective and vaccinated people can still spread the virus as asymptomatic carriers, a leading Sri Lankan microbiologist said.

Neelika Malavige, Professor in Microbiology at the Department of Immunology and Molecular Medicine, Faculty of Medicine, University of Sri Jayewardenepura, in a Government Information Department interview this morning (19) urged vaccinated Sri Lankans to stick to health protocols such as masking and regular hand washing.

“No one gets immediate protection right after the jab. It takes about 21 days for the body to produce antibodies after the first dose of AstraZeneca (Covishield). One dose does not provide sufficient protection, which is why we give two,” said Malavige.

Sinopharm also provides considerable protection but only two weeks after the second jab, the professor said. Sri Lanka has decided to give the two doses of the Chinese vaccine four weeks apart.

“In the meantime, you can still get infected and infect others,” she warned.

Taking a new wave of COVID-19 in Singapore as an example, Malavige said vaccinated airport employees were found to have spread the highly transmissible Indian strain of the virus in the city state.

“Everyone at the airport had received the Pfizer jab, so even when they tested positive for COVID-19, they didn’t report severe symptoms. But they still got infected and, as asymptomatic patients, carried the virus into the wider Singaporean society,” she said.

Echoing Malavige, Director of the Infectious Diseases Hospital Dr Ananda Wijewickrama said the primary objective of vaccination is to prevent critical conditions and death.

“People who get the jab can still get infected, but they have a lower chance of developing critical symptoms. It is important to follow health guidelines because we can be vaccinated and still spread it,” he said.

Six variants of SARS-CoV-2, the virus that causes COVID-19, three of which are variants of concern as classified by the World Health Organisation (WHO), have been detected in Sri Lanka. The variants of concern, B.1.1.7 (UK), B.1.617 (India) and B.1.351 (South Africa), experts say, are more contagious, cause more severe disease, show significant reduction in neutralisation by antibodies generated during previous infection or vaccination, reduced effectiveness of treatments or vaccines, or diagnostic detection failures.

As per genome sequencing tests carried out by the Allergy Immunology and Cell Biology Unit of the University of Sri Jayawardenepura, the six variants were all detected both in quarantine centres from returnees from abroad and from community.

B.1.411 – Sri Lankan variant

A mutated variant that has only been detected in Sri Lanka suspected to have been mutated from the original COVID-19 virus. The virus has been mainly detected in the Batticaloa district and in the Western Province and was the dominant variant before identifying the UK variant.

According to health authorities, this virus has a lower transmissibility and mortality rate making most of the patients asymptomatic.

B.1.428 – Denmark/ European/ Middle East variant

The variant that widely spread in Middle East and, according to the Epidemiology Unit, most of the returnees from abroad mainly coming from Middle Eastern countries were carrying the virus. This variant too has a low mortality rate, and most patients are asymptomatic. The variant has been detected only in Jaffana in the Nallur cluster.

B.1.525 – Nigerian variant

Officials said the variant was mainly identified in Banadaragama and Colombo areas and no further spreadi of the virus has been detected in the community.

B.1.351 – South African Variant (variant of concern)

This is a variant of concern with E484K mutation that has a higher transmissibility rate and a mortality rate. It was predominantly found in South Africa and also identified in several other countries including Germany, France, US and Sweden.

Due to mutations, concerns about vaccine efficacy arose. However, health authorities said the current vaccines used globally have a higher efficacy rate towards this strain.

B.1.617 – Indian variant (variant of concern)

The variant responsible for the aggressive surge in fatality cases and number of patients in India was identified from a returnee in a quarantine center. The variant shows several spike mutation in the virus.

According to BBC reports the transmissibility of and the mortality rate of the virus has been not identified yet. It has caused more than 4,000 deaths and over 350,000 cases per day in India.

Health officials said the variant has not been detected in the community in Sri Lanka so far.

B.1.1.7 – UK/Kent variant (variant of Concern)

The so called UK strain is the current dominant variant in Sri Lanka responsible for the rapid increase in cases. The variant is said to be 50 percent more transmissible has a 55 percent increase in mortality than the original virus.

The variant was first detected in Sri Lanka in January 13, 2021, from a British national who arrived in Colombo. After that according to the Allergy Immunology and Cell Biology Unit of the University of Sri Jayawardenepura, the variant was detected in several construction workers in Borelasgamuawa on April 08, though the same university had earlier said it was found in the community in late January/early February. The university later clarified that subsequent contact tracing had shown otherwise.

The strain was later identified within the Colombo Municipal Council (CMC) area, Homagama and Boleresgamuwa in the Colombo district, Polpithigama, Kuliyapitiya, Nikaweratiya, Ganewatta, Ambalanpola, Giriulla, Pannala and Wariyapola in Kurunegala district, Agalawatta, Pimbura, Panadura, Palindaruwa and Banadaragama in Kalutara district, Panduwasnuwara, Kansy and Hingurakoda in Kandy district, Medirigiriya in Polonnaruwa district and Mannar town in Mannar district.

Sri Lanka currently uses three types of COVID-19 vaccines: t he Oxford AstarZeneca manufactured in India under the brand name Covishield, the Chinese manufactured Sinopharm and the Russian Sputnik V.

Director of Allergy Immunology and Cell Biology Unit of the University of Sri Jayawardenepura Dr Chandima Jeewandara told the privately owned ABC media network that all three vaccines have been proven to be effective against the variants present in the country.

“International research has indicated that the efficacy rate can be changed with these mutations. However, any vaccine that shows an efficacy rate more than 50 percent is considered to be a successful

vaccine and all three vaccines are proved to have a higher efficacy rate at the moment,” Jeewandara said.

Jeewandara predicted that Sri Lanka’s ongoing wave of COVID-19, with over 2,500 cases reported a day, will likely be contained by August this year.

“The virus has not changed the way it’s infecting people,” he said.

Vaccination and strict adherence to health protocols will contribute chiefly to containing the spread.

“We should provide at least one type of vaccine to the community.  If the vaccine is being given in your area get it immediately, Wear the mask, keep social distance and avoid any gatherings,” he said.

“The next moth is crucial to Sri Lanka. We expect this wave to be controlled by August,” he added.

Jeewandara said there is no guarantee the virus will disappear. Vaccination is the one strategy to take control of the situation, he added. (Colombo/ May 19/2021)

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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