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Monday November 9th, 2026

Sri Lanka’s youth are unlikely to vote for the old guard in Parliament

ECONOMYNEXT – Sri Lanka’s youth, many of them first-time voters, who gave Gotabaya Rajapaksa a huge majority at the Presidential election are unlikely to turn up at the polling booths for the Parliamentary General Election, observers say.

The November Presidential poll saw a record-breaking turnout when compared to the elections held in the past 20 years with a turnout of 83.72%.

But when it comes to Parliamentary Elections the turnout has never passed 78% in the last 20 years. And, according to an informal opinion poll we conducted on Facebook, out of a sample size of 150, nearly half (47%) of people in the ages between 18 and 26 said that they will not vote at the upcoming elections for various reasons.

The number of eligible voters for the Parliamentary Elections is 16,263,885 with 31.95% being youth voters and 1.67% first-time voters.

The two most common reasons why they will not vote are the loss of faith in politicians and politics as a whole, and a disinterest caused be seeing the same old faces contesting again.

ELECTION FEVER – Crowds greet Prime Minister Mahinda Rajapaksa as he arrives at a venue to speak in Kandy /PMD

Young people want politicians who can make a positive impact

Out of the many responses to our survey, Isuru, a 22-year-old who is a student of a state university said that this would be his only chance of voting for a parliamentary election as a youth.

“The next time I vote, I will very likely be working or maybe married, so how I see society will definitely be different then. But what matters to me is today. Therefore, the youth, including myself, need to be conscious because the next time we vote, we will have a change in civil status, having a job or sometimes even having children of our own. So, it is important to ensure that the officials we elect into the Parliament today will have some sort of a positive impact for our future in the next 5 years,” he said.

Considering the old faces returning to the Parliament, he said there must be a retirement age unless there is a limited number of senior members based on votes.

“We have too many old people, and the younger generation that comes forward is either a son or a nephew of these older politicians. Nepotism is used as a marketing tool. You say you are this person’s someone and no one cares about anything else,” he said.

Dilan, a 23-year-old who works for a private company as a marketer said that he will not vote at the Parliamentary Election as he has lost confidence in politicians. He said after winning the election every candidate will work on building up their legacies instead of working for the people.

He said instead of scolding the politicians after voting while being deceived by them, it’s good to not vote at all.

NEW PARTY, SAME OLD FACES – Samagi Jana Balavegaya leaders launching their manifesto

Not surprised at the sentiments expressed by youth – Uyangoda

Political Scientist, Professor Jayadeva Uyangoda, said that he was not surprised by the findings from the sample survey conducted through Facebook.

He told EconomyNext a sizeable percentage of first-time voters who voted in large numbers for President Rajapaksa at the Presidential Election might not vote at the Parliamentary Elections because one of the reasons why young people chose Gotabaya was that they saw him not as one of the “professional” politicians.

“But in the Parliamentary Elections, all the candidates are professional politicians from all parties including the candidates from the party the President represents,” he added.

He also said that the sample survey indicates a growing political trend in Sri Lanka among the youth where there is a loss of confidence, disillusionment and loss of faith in the class of professional politicians of all parties.

Moreover, he said that party politics is changing in Sri Lanka and has changed dramatically, so youths wouldn’t have to move away from party politics since old-style political parties do not exist anymore.

“Political parties are more like a broad coalition of various social groups. Now the SLPP represents that new tendency under the leadership of Mahinda Rajapaksa, there are a variety of social groups, ideological groups there are extreme Sinhala Buddhist nationalists as well as Muslims, Tamils and Catholics,” he said.

Uyangoda said that the political parties are no longer what they used to be and added that he doesn’t see there is any political party which can attract youth voters who are disillusioned with the political class.

“But, Gotabaya Rajapaksa can be an exception because he contested the Presidential Election without identifying himself with the old political class. But once he is in power he would become one of those again, so that distinction with him and the politicians the young voters saw at the last Presidential Election will disappear,” he said.

Further, he said that he doesn’t think the youth would be attracted to the things promised to them in the election manifestos put forward by the parties, as people do not read the election manifestos and most of them are just rhetoric.

When it comes to the topic of more youth representations, the main four parties who are at the forefront of the election speak about it in their election manifestos.

OUT AND ABOUT – The President attracted a huge youth vote but will they vote for the same Parliamentarians?

Main parties chasing the youth vote

Samagi Jana Balawegaya (SJB) manifesto for the General Election under the theme, ‘A strong country satisfied people’ promises 25% youth representation in all elected bodies such the Parliament, Provincial and Local Council.

National Peoples’ Power (NPP) who are going with the same manifesto presented at the Presidential Election last year under the theme, ‘Hope of a nation’ also talks about increasing the quota of youth representation among peoples’ representatives and appointing an ombudsman who will intervene when it comes to matters related specifically to youth.

The Sri Lanka Podujana Peramuna (SLPP) which is also going ahead with the manifesto presented at the Presidential Election, ‘Vistas of Prosperity and Splendour’, states 25% of nominations for local government elections will be reserved for youth, while steps will be taken to increase the relative share of youth representation at the provincial council and parliamentary levels as well.

However, the election manifesto of the United National Party (UNP) does not mention increasing the quota of youth representation, instead, it states: “We no longer have the same old faces that have stagnated during the past several years. Space and opportunity have been provided for a new generation to lead the party down a fresh path. As demanded by the public, a large number of professionals and party activists are contesting the upcoming election.”

Speaking to EconomyNext, the Propaganda Secretary of SJB youth movement, Samagi Tharuna Balavegaya, Rasika Jayakody said that the biggest concern many, including the youth, have faced due to the COVID-19 outbreak in the country is the loss of their jobs and livelihoods, and even those who are working are not getting paid enough due to pay cuts.

Talking about the mindset of the youths between the two elections, he said that they have understood the gravity of the mistake they made on November 16 as the youth predominately voted for Gotabaya Rajapaksa at the Presidential Election.

“They’re determined to correct their mistakes and vote for a new political front which is led by Sajith Premadasa,” he added.

With regard to reaching the youth voters through campaigning, he said that they have conducted a number of grassroots meetings,

“Campaigning is very rapidly moving into the digital space, we have to be present on social media, we have to be vibrant on social media. We are already doing that and it is the best way of reaching out to the youth voters,” Jayakody, a former journalist said.

Without confining their campaign to social media, they are also going to villages and engaging directly with them by having youth meetings across the country and giving them the opportunity to engage with them by having one-to-one dialogues.

Speaking about young and new representatives in the elected bodies, Jayakody said they need to see young faces in the Parliament, a sentiment also shared by many people in the country.

However, he said since the SJB nomination process was handled in a very hurried manner as there were issues within the UNP, they didn’t have the ideal youth representation for the Parliamentary Election.

“But now Sajith Premadasa has signed a charter where they pledge with the youth movement to ensure that we get a quota of 25% SJB nominations in all upcoming elections,” he added.

It’s better irrespective of the party for people to vote for new and young faces and give them an opportunity to prove their worth.

“We need to see how people go about it, but I also understand that change cannot be achieved overnight. It’s a work-in-progress so it has to be pushed by everyone.”

Speaking for the youth wing of the governing SLPP, Milinda Rajapaksha told EconomyNext that he does not see any change in the mindset of the young people during the last eight months between the Presidential Election and the upcoming Parliamentary Election.

“They have reassured the support which they gave to President Rajapaksa because of the way they managed the Coronavirus. So it looks like some of the young people who supported Sajith Premadasa and Anura Kumara Dissanayake are considering moving towards supporting President Gotabaya Rajapaksa,” he said.

He also said that the main concern the youths have is the post-COVID-19 development, how the country’s economy is going to revive after the pandemic.

Further, he added it is very evident that a higher percentage of youths are still getting their information from television so their campaign is more focused through television rather than social media.

Speaking about whether new or old faces should be in the Parliament, Rajapaksha said that it must be a combination of old and new.

“We can’t expect only new Parliament members to run the country or old Parliament members to run the country, it should be a mix between old and new,” he said.

However, he said that there is a gap between giving nominations and winning the election, as most of the parties have been very genuine about giving nominations.

“The problem is that those young people do not have enough support and resources to win the election. This is a different issue altogether that all the political parties should address after this election,” he added. (Colombo/July27/2020-sb)

 

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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