South Korea's corporate direct financing rose 22.3 percent in March from the previous month due to a robust rise in stock sales, data showed Monday.

Local companies raised a combined 24.4 trillion won ($21.8 billion) by selling stocks and bonds last month, up 4.45 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS).

Corporate stock sales soared 783.4 percent to 6.04 trillion won, with the value of initial public offerings jumping 660 percent to 5.3 trillion won.

Local businesses' bond offerings fell 4.7 percent on-month to 18.3 trillion won in February.

Last month, the issuance of asset-backed securities jumped 144.2 percent on-month to 1.67 trillion won, according to the data. (Yonhap)