FOREIGN corporations and governments are expected to sell a record US$108 billion of stocks and bonds in the US this year, almost double the total in 1992, the previous record, the Securities Industry Association says. Argentine oil company YPF Sociedad Anonima and Shanghai Petrochemical were among the foreign issuers that have recently taken advantage of the lowest interest rates in 25 years, record stock prices, and relaxed Securities and Exchange Commission rulesto pour into the US capital markets. Daimler Benz AG plans to list its stock on the New York Stock Exchange next month. US investors, particularly institutions, are buying the foreign stock and bonds, the Securities Industry Association says. Individuals are less likely to buy securities direct from foreign issuers, brokers say. ''Most people are afraid to invest in overseas securities,'' says Scott London, a Smith Barney Shearson analyst. ''Nobody really knows how those markets work.'' Still, safer stocks from foreign companies, like issues from government-owned telephone companies, remain popular among small investors, he says. Foreign issuers sold $7.1 billion of stocks in the US and $47 billion of bonds in the first half of 1993, the Securities Industry Association says. They sold $11 billion of stocks and $57 billion of bonds in the US throughout 1992. Securities sales by US companies also surged this year. Corporations sold a total of $530 billion of stocks and bonds in the first half of the year, up 19 per cent from the same period in 1992. Companies are selling bonds because interest rates are at their lowest levels since the late 1960s. The 30-year Treasury bond recently yielded 5.87 per cent, about as low as the yield has been since the Government began regular sales of 30-year debt in 1977. Meanwhile, companies are issuing stocks at a record pace. Foreign securities sales in the US have been growing since 1985, when they totalled about $10 billion, the Securities Industry Association says. These issues are popular because stocks of overseas companies, particularly from developing nations, can show explosive growth. Merrill Lynch advises individuals to put 20 per cent of their equity investments in overseas companies. Smith Barney Shearson is encouraging brokers to sell individuals shares of mutual funds that invest overseas. Sales have also got a boost from looser US securities regulations that permit more sales of securities privately to institutions, the Securities Industry Association says. British issuers dominated sales of foreign stocks in the US with $2 billion in the first half of the year, compared with $2.9 billion in all of 1992. Argentina was second, mainly because YPF's sale in the US totalled $1.2 billion. Canada was the biggest seller of foreign bonds in the US with $14 billion. British companies were second with $4.6 billion.