Exit polls show Moon rising to SK presidency
Liberal candidate on course for landslide
SEOUL: Moon Jae-in was poised last night to take power in South Korea, according to exit polls, as voters sought an end to nine years of conservative rule after the country’s biggest street protests since the 1980s.
Mr Moon, 64, led conservative Hong Joon-pyo by 41.4% to 23.3% in yesterday’s presidential election, according to an exit poll conducted by South Korea’s three biggest broadcasters.
Centrist Ahn Cheol-soo was third with 21.8%. Official final results were expected in the early hours of this morning.
“I ask you all to be with me until we accomplish the two tasks we have — reform and unity,” Mr Moon told supporters after the exit poll was released.
He said the exit polls showed he won by a “landslide”, adding: “People eagerly wanted a transfer of power.”
The left-leaning Mr Moon has long led opinion polls in an election triggered by the ouster in March of former President Park Geun-hye, who is now in jail while on trial for corruption charges.
Mr Moon has pledged a softer touch with North Korea and tougher action against family-run conglomerates that dominate Asia’s fourth-biggest economy.
Mr Moon’s stance on North Korea could however put him at odds with US President Donald Trump, who has stressed that he could take military action to halt the isolated nation’s nuclear ambitions.
The son of North Korean refugees, Mr Moon criticised the early installation of a US missile shield on South Korean soil and has said he would be prepared to meet with North Korean leader Kim Jong-un under the right circumstances.
At home, he faces the task of healing a nation which is still reeling from the graft probe that culminated in Ms Park’s arrest in March after months of street protests.
He has pledged to add fiscal stimulus to create jobs for disaffected youth and bolster an economy forecast to expand this year at the slowest pace since 2012.
Moon supporters cheered and waved the national flag as he arrived at the National Assembly to join his party members last night, raising his arms in front of rows of campaign officials.
After casting his vote yesterday, Mr Moon issued a call for unity.
The former human rights lawyer finished second to Ms Park in the 2012 presidential vote.
“I myself will be the first to make such efforts by embracing other candidates and their parties for harmony,” he said.
“I hope the people do what they can do until the end of the election but come back as one after the election for the nation’s unity.”
Mr Moon was winning in all regions except two southeastern provinces and one city nestled between them that are traditional bedrocks for conservatives, according to the exit poll.
He attracted the most support from voters in their 20s to 50s, while people in their 60s and older tended to vote for Mr Hong, according to the poll.
If the actual votes aren’t wildly different, Mr Moon will begin his single five-year term immediately without the normal transition period, because of Ms Park’s impeachment.
Ms Park is facing trial over allegations she received bribes from top business leaders including Samsung Group heir apparent Lee Jae-yong. Both deny any wrongdoing.
Voter disillusionment over the Park scandal has prompted lawmakers to consider a constitutional change to reduce the powers of the president.
While Mr Moon’s Democratic Party of Korea currently has the most representatives in the 299-member national assembly, parliamentary rules may make it hard to pass tough reform measures.
Mr Moon has vowed to reduce the political influence of conglomerates, known as chaebol, in the wake of the turmoil.
Optimism that corporate governance will improve under a new administration has helped to send the benchmark Kospi index of shares to a record high, and those gains are likely to be sustained, according to Nomura Holdings Inc analysts.
“We think that he will definitely improve corporate governance,” Young Sun-kwon, a senior economist at Nomura in Hong Kong, said on Monday.
That would be positive news for the stock rally, along with Mr Moon’s “expansionary” fiscal policy and more diplomatic approach to North Korea, Mr Kwon said.
Mr Moon is expected to boost government spending to increase domestic demand that’s been hampered by growing youth unemployment and household debt.