South Korean President Park Geun-hye's governing party may fail to hold a majority in the parliament in Wednesday’s general elections, exit polls indicate.

The polls conducted by three major TV channels showed that the conservative Saenuri Party was expected to secure between 118 and 147 seats in the 300-member National Assembly.

The main opposition Minjoo Party was also forecast to win between 97 and 128 seats and the splinter opposition People's Party to gain between 31 and 43 seats in the legislature.

The ruling party won 152 seats four years ago. It would be forced to rely on independent lawmakers to retain power in the National Assembly if it fails to regain a parliamentary majority.

Speaking on South Korea’s national KBS TV, Won Yoo-chul, Saenuri's parliamentary floor leader, said, "Obviously, we're worried about the exit poll results but we will calmly wait until the final ballot counting results are returned."

All 300 parliamentary seats are up for grabs, with 253 chosen in first-past-the-post constituency polls, and the remaining 47 elected on a separate ballot via proportional representation.

Saenuri’s possible loss of its majority will become clear at about 1500 GMT, but observers have warned that preliminary results from exit polls have been wrong in the past five parliamentary elections.

Plunging exports and rising unemployment have led to criticism of Park's handling of Asia's fourth largest economy.

Kate Kim, an unemployed 25-year-old college graduate, said high levels of joblessness had persuaded her to vote, adding, "This is the first time I have voted... [because] our country desperately needs change, especially for young and jobless people like me."

The outcome of the vote could have a significant impact on the South Korean president, who has less than two years left to serve of her five-year single term.

Park has also taken a tough position on North Korea following a spike in tensions between the neighbor countries after Pyongang’s nuclear test in January and its long-range rocket launch in February.