Kim Moon-soo concedes election defeat

Conservative People Power Party candidate Kim Moon-soo on Wednesday delivered a speech conceding defeat in the presidential election to liberal Democratic Party of Korea candidate Lee Jae-myung.

Kim’s concession speech came as some 84 percent of ballots were counted as of 1:35 a.m. Lee held a clear lead with 48.3 percent of the vote to Kim's 42.9 percent. The three major broadcasters that conducted exit polls had earlier projected Lee to be the winner.

“I humbly accept the people’s choice,” Kim said in a press conference held at the People Power Party headquarters in western Seoul at 1:35 a.m.

“I congratulate Democratic Party candidate Lee Jae-myung who has been elected,” he added.

Kim thanked members of the People Power Party and the public for their support.

“South Korea has been able to make great progress in the face of any crisis backed by the power of its people,” he said. “I sincerely thank the people who gave undeserving support to a candidate who lacks many things.”

Kim shook the hands of the People Power Party's election campaign committee members — including interim leader Kim Yong-tae — and reporters before leaving the scene.