SEOUL, Dec. 30 (Yonhap) — South Korea’s corporate direct financing plunged nearly 21 percent in November from the previous month due to a sharp drop in stock sales and a seasonal factor, data showed Wednesday.

Local companies raised a combined 16.3 trillion won (US$14.9 billion) by selling stocks and bonds last month, down 21.3 percent from October, according to the data from the Financial Supervisory Service (FSS).

Corporate stock sales sank 29.7 percent on-month to 871.3 billion won, with the value of initial public offerings declining 66 percent to 365.1 billion won.

In October, share sales were large as Big Hit Entertainment, the management agency of K-pop superstar BTS, carried out an IPO.

Local businesses’ bond offerings fell 20.7 percent on-month to 15.4 trillion won in November, when companies tend to avoid selling debt.

Last month, the issuance of asset-backed securities decreased 13.8 percent on-month to 2.3 trillion won, according to the data.