stock sales-July
Stock sales tumble in July amid economic uncertainty, bearish market
SEOUL, Aug. 25 (Yonhap) -- Corporate sales of new shares in South Korean stock markets sharply declined in July amid growing economic uncertainty and a bearish market mood, data showed Thursday.
According to the data from the Financial Supervisory Service, companies raised a combined 703.1 billion won (US$524.3 million) by issuing new shares last month, down 44.1 percent from the previous month.
Compared with a year earlier, the amount tumbled 82.7 percent.
Last month, there were 12 initial public offerings -- one on the main KOSPI market and the rest on the tech-heavy KOSDAQ market -- through which 545.1 billion won were raised. About 158 billion won were also raised through five secondary offerings.
The sharp decline came as stock markets here have taken a hit from concerns over global monetary tightening to fight inflation and resultant economic slowdown.
The benchmark KOSPI has declined around 18 percent since the start of this year.
Meanwhile, bond sales rose 22.3 percent on-month to 20.59 trillion won, the data showed. They expanded 21.4 percent from a year earlier.
Local firms also issued commercial paper and short-term bonds worth 132.46 trillion won last month, down 2.8 percent from a month earlier, according to the data.
(END)
(C) Yonhap News Agency. All Rights Reserved
