Kim Moon-soo's concession means Democratic Party candidate Lee Jae-myung has won the election to be South Korea's next leader. In a speech just concluded, Lee vowed to restore the country's economy and to make peace in the Korean peninsula.

South Korean stocks and won gained, as Lee Jae-myung’s widely-expected win in the presidential election ended a months-long political leadership vacuum. The nation’s stock benchmark Kospi jumped 1.5%.

South Korea's voters cast their ballots in a snap presidential election sparked by the impeachment of Yoon Suk Yeol.