PPP's Kim Moon-soo concedes in presidential election

Kim Moon-soo, presidential candidate of the conservative People Power Party (PPP), conceded to rival Lee Jae-myung of the liberal Democratic Party (DP) early Wednesday.

"I humbly accept the people's choice," Kim said in a press conference at PPP headquarters in western Seoul a little past 1:30 a.m., "I congratulate candidate Lee Jae-myung on his election."

He stressed that “Korea has continued to make great progress with the power of the people, no matter what crisis it has faced.”

He added, “I thank those who have supported me despite my shortcomings."

Kim greeted campaign staffers after his short statement, before leaving the room.

Lee was projected to win the June 3 presidential election according to the exit poll and major broadcasters late Tuesday.

BY SARAH KIM [kim.sarah@joongang.co.kr]