SEOUL, Sept. 28 (Yonhap) — South Korean companies’ stock and bond sales fell 23.5 percent in August from a month earlier due mainly to a sharp decline in rights issues, data showed Monday.

Local companies raised a combined 15.1 trillion won (US$12.9 billion) by selling stocks and bonds in August, down 4.64 trillion won from July, according to the data from the Financial Supervisory Service (FSS).

The decline is mainly blamed on the 76.3 percent on-month decrease in rights issues to 432.7 billion won, the FSS said.

Last month, six companies raised a combined 112.5 billion won through initial public offerings, down from 242.3 billion won by 12 companies a month earlier, the FSS said.

Local businesses raised 14.5 trillion won by selling bonds, down 17.6 percent from July, the FSS said.

The outstanding value of bonds issued by South Korean businesses came to 556.4 trillion won as of the end of August, up 0.7 percent from a month earlier.