I'll do my best to offer periodic updates regarding the Korean Presidential election here. It is late, though, and I can't guarantee that I'll stay awake. :)
Regardless, polls have just closed in South Korea and turnout is reported to be around 75% and may even reach 80%. This is a near-record, if not record turnout for South Korea, and is very promising for the nation.
The candidates are conservative Park Geun-Hye and liberal Moon Jae-In. I won't give too much background, as kurkykh gave an oustanding outline of the election here.
I'll give a brief summary:
Park, if elected, would be the nations's first female President. Korea is a very male-dominated nation and this would be very significant news. Park is from the current ruling conservative party and promotes a pro-business agenda and a tough on North Korea policy. Her father was the former President (some consider him a dictator) of South Korea decades ago and oversaw massive economic growth for nearly twenty years.
Moon was a chief adviser to the late President Roh. He is liberal and supports taking power away from the chaebol companies (family owned companies) in Korea and supports expanding welfare for Korean citizens and reducing economic inequality. He was endorsed by a very popular third party candiate who decided to withdraw his name to unify against Park Geun-Hye
1:21 AM: Exit polls nation-wide have Park ahead of Moon 50.1%-48.9%. This is within the margin of error and is closer than most of the opinion polls.
1:25 AM: Exit polling breakdown:
Among those in their 20s, Moon pulled ahead 66-34. For those in their 30s, Moon won 67-33. 40s: Moon 56, Park 44. 50s: Park 63, Moon 37. 60s: Park 72, Moon 28.
This is consistent with the US. Young voters are more liberal and will likely turn Korea toward progressive policies in the future.
Men went for Moon 49.8-49.1. Women went for Park 51.1-47.8.