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Monday November 9th, 2026

Fears of a crisis loom in Sri Lanka as COVID-19 cases surge

ECONOMYNEXT – With 931 cases recorded today, the fifth highest single-day total yet, and the country’s vaccine rollout having hit a dead-end even as hospitals run out of ICUs beds, fears of an uncontrollable surge in COVID-19 in Sri Lanka abound.

The government has decided not to opt for an islandwide lockdown, choosing instead to isolate select areas that record high concentrations of cases and to bank on an increasingly pandemic-fatigued public’s goodwill and cooperation in preventing a crisis.

Army Commander Gen Shavendra Silva, who heads Sri Lanka’s pandemic prevention task force, told reporters today that public gatherings will be banned with immediate effect, among other measures, in an attempt to contain the rapid spread of what experts suspect is a newer, deadlier strain of the virus. Quarantine curfew will be imposed in any area where a considerable number of cases are found, Silva said at an emergency press conference held this afternoon attended by several key officials in Sri Lanka’s fight against COVID-19. The media briefing was called by the Sri Lanka Medical Association (SLMA).

“We were able to contain the spike in cases we observed after the Christmas holidays last year, when daily cases surpassed 900. We do not wish to control the public by imposing strict travel restrictions or islandwide curfews,” the army chief said, noting that Sri Lankans are now sufficiently aware of their duty and responsibility.

He asked the public to cancel any Sinhala & Tamil New Year festivals or trips that they might’ve planned for the coming long weekend (April 24–26).

“If you act intelligently and avoid non-essential travel, we won’t have to go for a lockdown,” he added.

Neelika Malavige, Professor in Microbiology at the Department of Immunology and Molecular Medicine, Faculty of Medicine, University of Sri Jayewardenepura, said the SARS-Cov-02 virus is now confirmed to infect while airborne and not just as droplets.

“We will know what the new strain in Sri Lanka is within the next few days,” Malavige said.

The new variant has the capacity to infect more people than before, and while many cases earlier were asymptomatic, she said, this time even younger people are showing severe symptoms.

“This virus is airborne. If I’m infected and I remove my mask and speak, the virus can enter the surrounding and will be active for 1 ½ hours even after I leave the premises, infecting anyone who walks in after me,” said the professor.

Sri Lanka’s state hospitals have almost run out of intensive care units (ICUs) dedicated to COVID-19 patients as more and more younger cases with severe symptoms are now being admitted regularly.

Related: Sri Lanka running out of ICUs for COVID-19 as younger cases with severe symptoms surge

Commenting on this, Health Services Director General Dr Asela Gunawardena said hospitals still have enough ICU capacity to treat COVID-19 patients but it’s more important that health guidelines are followed in order to avoid infection.

“Previously the symptoms were not very apparent. Now they are much more visible and young people are more likely to develop them,” he said.

Gunawardena said that, unlike before, some people who get infected with the new strain may not show symptoms until after 14 days, meaning the virus’ incubation period has likely changed.

People who are testing positive now develop more breathing difficulties, requiring ICU admission and oxygen, he said.

The Health Services chief warned that if the public does not act responsibly, Sri Lanka’s situation may become as dire as that of India where cases have seen an alarming increase over the past few weeks.

Responding to questions about Sri Lanka’s vaccine shortage, Chief Advisor to the President Lalith Weeratunge who oversees the country’s vaccine rollout said remaining doses of the AstraZeneca-Covishield jab must be administered before they expire in July.

The rollout of the second dose for those who have already received the first will begin May 01, he said.

Sri Lanka has immunised 923,954 people against COVID-19 so far (first dose only) with a total of 1,264,000 Covishield doses that the health services received as a donation from India, through the COVAX facility and as a purchase from the Serum Institute of India.

The government previously announced that some 300,000 remaining doses will be administered as the second shot starting April 19. This did not come to pass.

Authorities started vaccinating Chinese nationals in the Colombo Municipal Council (CMC) area on April 05 with the 600,000 doses of the Chinese manufactured Sinopharm vaccine that were donated to Sri Lanka by the Chinese government.

The cabinet of ministers had previously approved the purchase of seven million doses of the Russian Sputnik V vaccine for a sum of USD 69.65 million. The ministers on April 05 approved a proposal to purchase another six million doses at a price of USD 9.95 per dose. Two-hundred thousand doses of the jab were expected in Sri Lanka at the end of the Avurudu holidays. This consignment, too, has yet to arrive.

According to State Pharmaceutical Corporation (SPC) Chairman Dr Prasanna Gunasena, who also spoke at the SLMA press briefing today, the timeline for the arrival of the Russian jab is: 200,000 doses by April , 400,000 by May, 800,000 by June and 1.2 million by July.

Gunasena said Sri Lanka has also signed agreements with the US-based Pfizer Inc. The multinational pharmaceutical giant has communicated to the SPC that between April to June, 35,000 doses will be delivered to Sri Lanka, followed by 105,000 from July to September and 4.8 million from October to December.

In order for Sri Lanka to reach herd immunity, he said, out of a population of 21 million, 13 million should be vaccinated. The funds to this end will be provided by the Asia Development Bank, the World Bank and the government, he added.

According to presidential advisor Weeratunge, 578,933 people in the Western Province have received their first jab.

“From the donation of Sinopharm we received from China, around 4,000-5,000 doses were given to Chinese nationals in the country. No side effects were reported to our doctors,” he said.

Weeratunga said the National Medicines Regulatory Authority (NMRA) has yet to approve the Chinese jab for emergency use in Sri Lanka and therefore it cannot be administered to locals yet. He expressed confidence, however, that the World Health Organisation (WHO) will give its own approval for the vaccine within the next two weeks.

“Of the remaining AstraZeneca doses, 91,000 will expire by June 24; and by July 16, another 265,000 will have expired. We’ll have to start giving the second shot before that,” he said.

The health ministry was on the receiving end of much criticism for allegedly discarding a previously approved priority list for vaccination, a list that had put Sri Lankans over the age of 60 above other categories, below frontline workers. According to Weeratunge, 300,614 people over the age of 60 have received their first shot so far.

Meanwhile, President of the Association of Government Medical Laboratory Technologists Ravi Kumudesh told EconomyNext today that the virus is now transmitting in the community, despite official assurances to the contrary. The government should accept this reality in order to formulate a sound solution to the crisis, he said.

“Health officials still think we are in the cluster-forming stage; but without conducting enough random tests in the community, how did they arrive at that conclusion?” he added.

Testing vs cases (October 2020 to March 2021) – Graphic by Thiyashi Koththigoda

Kumudesh and others have been strongly critical of the health ministry’s inaction regarding repeated pleas by various quarters to ramp up testing – a call that the authorities have finally heeded.

Related: Sri Lanka ramps up testing, adds more ICU beds as daily COVID-19 cases spike

Related: Sri Lanka’s declining COVID-19 cases vs PCR tests: A tale of two curves

“Adequate testing will show that COVID-19 in Sri Lanka has now reached community transmission level. Without admitting this, the authorities will not be able to come up with a workable strategy to fight the pandemic,” he said. (Colombo/Apr23/2021)

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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