Seoul: Corporate direct financing sank 17.4 percent from a month earlier in October due largely to a sharp decline in stock sales, while bond sales also shrank, data showed Wednesday. Local companies raised a combined 23.71 trillion won (US$16.08 billion) last month by selling stocks and bonds, down 4.99 trillion won from a month earlier.

According to Yonhap News Agency, stock sales plunged 78.4 percent on-month to 93.9 billion won last month. Meanwhile, corporate bond sales slipped 16.6 percent, or 4.71 trillion won, to 23.61 trillion won.

The value of outstanding corporate bonds had stood at 750.45 trillion won as of end-September, up 8.16 trillion won, or 1.1 percent, from a year ago, the data showed.