Corporate direct financing falls 3% in July

South Korea's corporate direct financing fell 3 percent on month in July due to a decline in sales of bonds, data showed Tuesday.

Local companies raised a combined 21 trillion won ($17.9 billion) by selling stocks and bonds in July, down 657.6 billion won from a month ago, according to the data from the Financial Supervisory Service (FSS).

Corporate stock sales soared 73.3 percent to 4.05 trillion won, with the value of initial public offerings jumping to 3.08 trillion won.

Local businesses' bond offerings declined 12.3 percent on-month to 16.9 trillion won in July.

Last month, the issuance of asset-backed securities plunged 60 percent on-month to 738 billion won, according to the data. (Yonhap)