The veteran opposition leader, Kim Dae Jung, has won the South Korean presidential election.

His two main opponents, Lee Hoi Chang of the majority Grand National Party and Rhee In Je of the New People's Party, both acknowledged defeat and congratulated Mr Kim, who represents the National Congress for New Politics Party.

Kim becomes president at his fourth attempt

With counting complete, Mr Kim had won 40.3% of the vote, narrowly ahead of Mr Lee. It was the closest presidential election in South Korean history. Turn-out in the vote was 79.8%.

Korea analyst Aidan Foster-Carter explains the result to Nici Marx (2'18")

Mr Kim's victory is the first by an opposition candidate since South Korea was founded nearly 50 years ago. He had unsuccessfully contested three previous elections during a political career spanning four decades. He has also been imprisoned under military governments.

Although he will not take office until next February, Mr Kim has promised to begin work immediately on tackling the economic crisis that is threatening to plunge the country deeper into recession. But during the election campaign he, like the other candidates, offered no ready solutions.

As news of Kim's victory reached New York, the Dow Jones industrial average fell nearly 147 points, later recovering about a fourth of its loss.

Korean stocks opened slightly lower Friday and moved up and down in a narrow range in early trading.

Edward Yardeni, chief economist at Deutsche Morgan Grenfell in New York, said Kim's election signalled "a greater risk of more resistance at the very top levels of the Korean government" to the International Monetary Fund's plan for reviving the economy.

Kim tried to ease fears among investors, making the economy the focus of his Friday morning acceptance speech.

"I will faithfully honor the terms of the agreement between the IMF and the current government," he said.

Correspondent Matt Frei on the economic background to the poll (4'32")

The poll could hardly have come at a worse time for those involved - many Koreans view the recent $57bn IMF bailout as a national humiliation.

South Korean television said Mr Kim would in his acceptance speech "repeatedly promise that he will abide by the IMF agreement and request international cooperation" and appeal to the people to help overcome the current economic crisis.

Mr Kim's overseas special assistant, said he expected the new President to meet US President Bill Clinton and the IMF chief Michel Camdessus in the near future.

The final result showed a clear regional divide between the country's east and west - the west for Mr Kim and the east for Mr Lee - a former Supreme Court judge.

For many of the electorate, Mr Lee, who was seen as an incorruptible technocrat, represented continuity.
 

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