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Monday November 9th, 2026

Amid fears, PTSD, Sri Lanka protesters determined to continue anti-government struggle

ECONOMYNEXT – It was not easy for Nuzly Hameem, a 28-year-old civil engineer, to face reality after a long spell as one of the key figures in Sri Lanka’s historic Aragalaya (Struggle) protests that ousted former leader Gotabaya Rajapaksa in July this year.

He had to sacrifice his lucrative job for the protest that lasted five months before the protestors dispersed in August.

He has been seeking a job that suits his degree obtained at the University of the West of England.

“Well, life has been hard for a long time now, especially since I had to leave my job due to various reasons,” Hameem told EconomyNext before participating in a token protest on October 27 to warn President Ranil Wickremesinghe’s government.

“Five months into unemployment, I have literally spent all my savings. I have applied for more than 200 job applications, most of them aren’t in the construction field because the industry is dead due to the economic crisis.

“I got only three interview calls. They all said they cannot afford the remuneration I was seeking. What they offered is not sufficient to live in current conditions,” he said.

Hameem has witnessed the arrest of over a dozen of his colleagues who protested with him over various allegations after President Wickremesinghe took over the government. He has not been arrested yet, but has faced frequent questioning from police, he says.

The Aragalaya protestors successfully ousted four Rajapaksa brothers: President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, Finance Minister Basil Rajapaksa, and Irrigation Minister Chamal Rajapaksa – and their second-generation law makers – Sports Minister Namal Rajapaksa and state agricultural minister Shasheendra Rajapaksa.

Many of the protest leaders who unseated the powerful Rajapaksas are suffering due to legal actions.

Some of them are undergoing post-traumatic stress disorder (PTSD) while some even attempted to commit suicide, close allies of protesters say.

“I tried to quit myself. I haven’t been myself lately, personally or professionally. It’s been very tough going with everything happening around me,” Hameem tweeted on October 13.

Many of the protesters have lost their jobs and some have said companies are not considering them suitable for jobs because of their involvement in the protest movement.

Arrest, oppression

The protest leaders including those affiliated with political parties and non-political groups are now living in fear due to the arrests and alleged acts of intimidation.

Their forceful removal from the protest site near the Presidential Secretariat adjacent to the Galle Face Green was internationally criticised as a violation of the protestors’ basic rights.

Three protesters were detained under controversial Prevention of Terrorism Act (PTA), a law which the international community wants scrapped on the grounds that it allegedly violates the rights of detainees. One of the three detainees was released last week.

The use of the PTA has created fear among the protesters.

“Engaging in protests has limited my freedom as human, a citizen and a professional,” Melanie Gunathilaka, an environmental activist who was part of the anti-government protest, told EconomyNext.

Gunathilaka was arrested on September 24 over alleged illegal assembly but was given police bail after one day behind bars.

“While I was in custody as a suspect, I was treated like a criminal. It is not fair to punish people when they are only suspects and have not gone through the judiciary process… I don’t feel safe in my country anymore,” she said referring to the twin attacks on anti-government protesters on May 9 and July 22.

“I experienced what it feels to be scared and being insecure in my own country.”

Tipping point

The new government after the ouster of President Gotabaya Rajapaksa is concerned about the way forward for the protesters.

In the five months from March to July, protesters started the agitation in isolation, mainly in select places in and around Colombo. But it spread throughout the country after protesters were brutally attacked by police when they tried to reach Gotabaya Rajapaksa’s private residence on March 31.

The attack allowed the protesters to create a tipping point using Rajapaksa’s policy lapses in the economy, agriculture, and supply of essentials like fuel, cooking gas, kerosene, milk powder and medicines.

The protesters built the moment to bring mostly middle-income earners across the country to Colombo to oust Rajapaksa and they succeeded on July 09.

“The current government is worried about the apolitical protesters establishing a political party in the long run,” a politician from the ruling Sri Lanka Podujana Peramuna (SLPP) told EconomyNext.

“If the protesters continue as an apolitical force, that will be a disaster for all the main political parties in the future because nobody is ready to trust any minister or politician yet.”

Preventing a future protest will be a daunting task for any government given the worsening economic crisis amid increased taxes and stubbornly high inflation. The youthful protesters are now planning to take on the government after a lapse of three months.

“Occupancy is done but we are continuing the struggle,” Jeewantha Pieris, a pastor and protest leader who also was arrested after Wickremesinghe came into power, told reporters at last week’s protest in Colombo referring to the next phase of the campaign.

“Everyone is struggling and there is a limit to how much we can bear, which is why the people and the struggle are returning.”

The protesters have mainly demanded a change in governance, demanding a “system change” with no corruption. However, Wickremesinghe has so far failed to change any governance system significantly, analysts say.

B P Udara, a leading protester who was chanting slogans against the government during the “Occupy Galle Face” protest said the protester took a break because “everyone said to give Wickremesinghe a chance”.

“We gave him his trial period and now we are stepping up and coming out again. The cost of living is rising, there are no jobs, and we don’t feel safe in our country,” Udara said at the protest last week that was organised as a warning to the government.

“To reclaim all that and live in the country we once were, it’s time to come back onto the streets.”

Hameem also warned that bullets and guns will not scare them as they have already “managed to send Gotabaya Rajapaksa home”.

“For three months we took a nice nap, we took a good rest. But today is the day your countdown starts Ranil Wickremesinghe,” he warned.

“You either stop oppression and dissolve the Parliament or else pack your bags right away.” (Colombo/Oct31/2022)

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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