Oh Se-hoon of the conservative opposition People Power Party is set for a fifth term as Seoul mayor, edging out a liberal rival in the most closely watched contest in South Korea’s local elections. Oh Se-hoon speaks at a press conference in Seoul on Thursday. (Yonhap) As of 9:54 a.m. Thursday, with 97.7 percent of votes counted, Oh secured 48.94 percent, ahead of Democratic Party of Korea candidate Chong Won-o, who had 48.34 percent.Oh had trailed the liberal candidate since vote counting began the previous day, but rapidly closed the gap on the back of ballots from conservative-leaning districts south of the Han River, particularly Gangnam, Seocho and Songpa, moving into the lead at around 7:16 a.m. Exit polls had initially predicted a win for Chong.Chong conceded defeat at a press conference later in the day. Democratic Party candidate Chong Won-o concedes defeat in the Seoul mayoral race at a press conference on Thursday. (Yonhap) Oh’s victory in the Seoul mayoral race marks a setback for the ruling camp, which is on course for a landslide nationwide victory.The Democratic Party has won 12 of the 16 mayoral and gubernatorial races, while the People Power Party secured victories in Seoul, Daegu, North Gyeongsang Province and South Gyeongsang Province.