Both Lee and conservative Kim pledged change for a country deeply scarred by a shock martial law briefly imposed by former leader Yoon Suk Yeol.

South Korea’s main conservative candidate Kim Moon Soo has conceded defeat in the presidential election. Kim, the candidate of the People Power Party, told a news conference early Wednesday that he “humbly accepts (the) people’s choice” and congratulates his liberal rival Lee Jae-myung for winning the election.

The party's presidential candidate Kim Moon-soo was unable to convince Lee Jun-seok, the nominee from the minor conservative Reform Party, to drop out, likely splitting at least some of the vote. Former labour minister Kim won 41.15% of the vote and Lee Jun-Seok won 8.34%, to winner Lee Jae-myung's 49.42%.