Kazakhstan Equity Discount Rate Diagnostic Dataset: FMVI Components and Market Indicators, 2015–June 2026

This dataset supports a diagnostic analysis of Kazakhstan’s equity discount rate from January 2015 to June 2026. It applies the Frontier Market Valuation Instrument (FMVI), a transparent framework that decomposes valuation-relevant risk conditions into four components: the country-risk premium, liquidity premium, behavioral premium, and institutional-quality premium. FMVI is used as a descriptive and policy-oriented diagnostic tool rather than as a structurally estimated asset-pricing model. The workbook contains monthly observations, quarterly summaries, structural-period averages, calibration assumptions, source documentation, benchmark scenarios, and data-quality checks. The January 2025–June 2026 update incorporates KASE Index levels, monthly returns, trading volumes, and estimated price-to-earnings ratios. These data are used alongside annual country-risk anchors and documented calibration parameters to update the four FMVI components and the corresponding diagnostic cost-of-equity measure. The structural-period analysis covers Kazakhstan’s exchange-rate transition, subsequent stabilization and market development, the COVID-19 and oil-price shock, the 2022–2024 period of domestic and external stress, and the market re-rating observed from 2025 through June 2026. The dataset is intended to support transparent replication, sensitivity analysis, regional comparison, and policy-oriented monitoring of Kazakhstan’s equity-market risk conditions. The scaling parameters are normalization choices and should not be interpreted as estimated structural coefficients or evidence of causal relationships.