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Monday November 9th, 2026

New PM’s appointment dilutes Sri Lanka’s ‘Gota Go Gama’ protest

ECONOMYNEXT- It’s around 8 am on Wednesday, May 25. Sri Lanka’s youth-led protest site near the presidential secretariat in front of the iconic Galle Face was almost empty.

Only four young men were there at the entrance of the presidential secretariat – two sitting on the barricade, one on the stage which is demarcated as ‘struggle area’ and the fourth one was holding a microphone and loudly explaining how the protesters are going to get justice for the May 9 attack.

Named as “Gota Go Gama”, the protest site was started on April 9 bringing all similar-minded people together with an aim of forcing President Gotabaya Rajapaksa to resign from the presidency after his policy mismanagement led the country to the ongoing unprecedented economic crisis.

Before May 13, at any given moment, this protest site had at least 100 people shouting slogans against Rajapaksa and his government. But analysts say the site has been drying up since the appointment of Sri Lanka’s New Prime Minister, Ranil Wickremesinghe on May 12.

Since then, the protest site has been losing its status to attract thousands of people across the country. It saw nearly  100,000 people during the weekends because many people came to the protest site, some wanted to participate, and others wanted to just see the historic protest and supply some food and water.

In the initial days, the crowd also came to vent out their anger against the president and his brother, former prime minister Mahinda Rajapaksa for their failure in ensuring the supply of essential imports like fuel, cooking gas, medicines, and milk powder, and some foods. Most people at the site have told Economy Next that they came to back the protest after waiting in queues for hours and days.

With the appointment of Ranil Wickremesinghe as the prime minister, different opinions among opposition political parties which backed the protesters started to emerge.

“Sadly, I have seen a decrement in the people at the protest. Their political beliefs have come to play,” Chanu Gamage, a 46-year old civil and political activist told Economy Next last week.

“We won’t let the protest go, because we have invested 40 days here already and now we are committed.”

Like Gamage, a few hardcore protesters who had been involved from the first day want the protest to continue. But, the numbers are coming down on a daily basis, some of the protesters say.

On Thursday (26), many of the Gota Go Gama protesters came all the way to stage a protest in front of Prime Minister Wickremesinghe’s office, demanding immediate solutions for some of the grave problems faced by the people due to the economic crisis.

“We are struggling for the 48th day and we came here because we feel the country will come to a standstill in the next three months if we do not take quick actions,” said Sachindra Wijeratne, a protest leader told Economy Next.

“We will not let this struggle down. If we stop this struggle, thousands of people will die on the road without food. We will definitely win this struggle.”

The protesters have demanded among many others, the stepping down of President Rajapaksa, transparency in all the deals the ministers enter into, an end to corruption, declare assets of lawmakers, and an adequate supply of basic necessities.

However, the resignation of prime minister Rajapaksa and the appointment of Wickremesinghe have changed the equation, a protest spokesman said.

“There are four reasons we can think for the drop in the number of protesters. The first one is the May 9 attack on the protesters. And the second one is the appointment of Ranil Wickremesinghe,” Vimukthi Dushantha, a spokesman for the protesters told Economy Next.

“Many people who were in the protest have some confidence that Wickremesinghe will do something to face the current crisis. The third reason is a difference in opinions among the protesters based on what they represent while the fourth is that the people don’t have time because they have to stay in long queues for fuel and cooking gas now.”

Wickremesinghe in his address to the nation on May 16 ordered protection for the ‘Gota Go Gama’ protesters and promised to address their concerns.

“Unlike former prime minister Mahinda Rajapaksa who wants to attack us, Wickremesinghe for some reason does not want to touch us. This is as if we can protest as long as we want while he will take his own time to address our issues,” a protester representing Inter-University Students Federation (IUSF) told Economy Next, asking not to be named.

“But many neutral protesters are ready to give some time to the new prime minister.”

Another protester said the number of participants has decreased and they assume it’s because of the fuel crisis.

“Maybe the bitter truth is Ranil’s appointment as Prime Minister,” he said.

Warnaka Alwis (30) a frequent protestor and announcer at Gota Go Gama, serves shifts at the protest, whilst working and has been a part of the protest since the start of the public outrage.

“This protest is not about politics, we all came here with a mutual desire to send this government home. Personally, I don’t see a change in the crowd, cause our main demand is not fulfilled,” Alwis told EconomyNext.

The majority of the people claimed that Ranil Wickremesinghe was called into premiership to protect Rajapaksas.

However, at a parliament session on May 16 address to the nation, Wickremesinghe said: “I did not take the job to protect the Rajapaksas, but to save the country.” (Colombo/May19/2022)

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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