{"id":11411,"date":"2026-02-10T15:32:26","date_gmt":"2026-02-10T18:32:26","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11411"},"modified":"2026-02-10T15:32:28","modified_gmt":"2026-02-10T18:32:28","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c02%ec%9b%94-10%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11411","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(02\uc6d4 10\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \uc7ac\ubb34\uccad, \ucc44\uad8c \ucc28\ud658(\ub864\uc624\ubc84) \uc785\ucc30
    \uacbd\uc81c\ubd80\ub294 \ud398\uc18c\ud654 \ubd80\ucc44 \uad00\ub9ac\uc5d0\uc11c \uc0c8\ub85c\uc6b4 \uacfc\uc81c\uc5d0 \uc9c1\uba74\ud574 \uc788\ub2e4. \uc57d 9\uc870 4\ucc9c\uc5b5 \ud398\uc18c \uaddc\ubaa8\uc758 \ub9cc\uae30\uac00 \ub3c4\ub798\ud558\uba70, \uc774\ub294 \ud604\uc9c0 \uc2dc\uc7a5\uc5d0\uc11c \uc7ac\ucc28 \ubc1c\ud589(\ucc28\ud658)\ud574\uc57c \ud55c\ub2e4. \uc774\ub7ec\ud55c \uc7ac\uc815\uc801 \ubd80\ub2f4 \uc18d\uc5d0\uc11c \uc7ac\ubb34\uccad 2\uc6d4 11\uc77c \uc218\uc694\uc77c \ub2e4\uc591\ud55c \uc0c1\ud488\uc744 \ud3ec\ud568\ud55c \uc785\ucc30\uc744 \ubc1c\ud45c\ud588\ub2e4.
    \uc785\ucc30 \uc0c1\ud488 \uad6c\uc131\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4.
    \uace0\uc815\uae08\ub9ac \ucc44\uad8c
    LECAP: S17A6, S31L6, S30N6, BONCAP: T15E7
    \uc778\ud50c\ub808\uc774\uc158 \uc5f0\ub3d9 \ucc44\uad8c
    LECER \ubc0f BONCER: TX26, TXD6, TXZ27, TXZ28
    \ubcc0\ub3d9\uae08\ub9ac \ucc44\uad8c
    TAMAR M31G6 (\uc2e0\uaddc \ub9cc\uae30 2027\ub144 2\uc6d4 26\uc77c)
    \uacf5\uc2dd \ud658\uc728 \uc5f0\ub3d9 \ub2ec\ub7ec \ub9c1\ud06c \ucc44\uad8c
    D30A6
    \uc815\ubd80\ub294 \ub2e4\uc591\ud55c \ud22c\uc790\uc790 \uc131\ud5a5\uc744 \ub04c\uc5b4\ub4e4\uc774\uace0, \uacfc\ub3c4\ud55c \uae08\ub9ac \uc0c1\uc2b9 \uc5c6\uc774 \ub192\uc740 \ucc28\ud658\uc728\uc744 \ub2ec\uc131\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\ub2e4. \ud604\uc7ac \uc0c1\ub2f9 \ubd80\ubd84\uc758 \uc218\uc694\ub294 \ubbfc\uac04 \ud22c\uc790\uc790\uc5d0\uac8c \ub2ec\ub824 \uc788\uc73c\uba70, \ub2e8\uae30 \ub9cc\uae30\uc640 \ub2e4\uc591\ud55c \ub9cc\uae30 \uad6c\uc870\uac00 \ucc38\uc5ec\ub97c \ucd09\uc9c4\ud560 \uac83\uc774\ub77c\ub294 \uae30\ub300\uac00 \uc2dc\uc7a5\uc5d0 \ud615\uc131\ub418\uc5b4 \uc788\ub2e4.<\/li>\n\n\n\n
  2. \uad6d\ub0b4 \uc2dc\uc7a5 \uc548\uc815 \uc720\uc9c0, \uad6d\uac00\uc704\ud5d8\uc9c0\uc218 500bp \uadfc\uc811
    \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c\ub294 \uc8fc\uc694 \uc9c0\uc218\uac00 \uae0d\uc815\uc801\uc73c\ub85c \ud55c \uc8fc\ub97c \uc2dc\uc791\ud588\ub2e4.
    \ub098\uc2a4\ub2e5 +0.9%
    S&P500 +0.47%
    \ub2e4\uc6b0\uc874\uc2a4 +0.04%
    \uc774\ub294 \ubcc0\ub3d9\uc131\uc774 \uac10\uc18c\ud558\uace0 \uc704\ud5d8 \uc120\ud638\uac00 \ud655\ub300\ub41c \ud658\uacbd\uc5d0\uc11c \ub098\ud0c0\ub09c \uc6c0\uc9c1\uc784\uc774\ub2e4.
    \uc544\ub974\ud5e8\ud2f0\ub098 \uae08\uc735\uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc548\uc815\uc801\uc774\uba70, \ud22c\uc790\uc790\ub4e4\uc740 \uc778\ud50c\ub808\uc774\uc158 \uc9c0\ud45c\uc640 \uc0c1\uc6d0 \uac1c\ud601 \uc9c4\uc804\uc5d0 \uc8fc\ubaa9\ud558\uace0 \uc788\ub2e4.
    S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \uad6d\uc81c \ud658\uacbd\uc774 \ub354 \uc5b4\ub824\uc6cc\uc9c4 \uc0c1\ud669 \uc18d\uc5d0\uc11c \ud3c9\uac00\ub418\uace0 \uc788\ub2e4. \uc77c\ubd80 \uae00\ub85c\ubc8c \uc2dc\uc7a5\uc740 \uae30\uc220\uc8fc \uace0\ud3c9\uac00 \uc6b0\ub824, \uae08\ub9ac \uc870\uc815, \uc9c0\uc815\ud559\uc801 \uae34\uc7a5\uc73c\ub85c \uc555\ubc15\uc744 \ubc1b\uace0 \uc788\ub2e4.
    \ucd5c\uadfc \uac70\ub798\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\uc740 \ubcc0\ub3d9\uc131\uc774 \ub2e4\uc18c \uc644\ud654\ub418\uc5c8\ub2e4.
    \uba54\ub974\ubc1c \uc9c0\uc218
    \ud398\uc18c \uae30\uc900 -0.02%
    \ub2ec\ub7ec \uae30\uc900 +0.52%
    \ub2ec\ub7ec \ud45c\uc2dc \ucc44\uad8c\ub3c4 \uc774\uc804 \uc8fc\ubcf4\ub2e4 \uc548\uc815\uc801\uc778 \ud750\ub984\uc744 \ubcf4\uc600\uc73c\uba70, \uc774\ub294 \uad6d\ub0b4\uc678 \ud22c\uc790\uc790\uc758 \uc704\ud5d8 \uc120\ud638\uac00 \uae30\uc220\uc801 \ub9e4\uc218 \uad6d\uba74\uc5d0\uc11c\ub294 \uc720\uc9c0\ub418\uc9c0\ub9cc, \uae00\ub85c\ubc8c \ud658\uacbd\uc774 \uc5ec\uc804\ud788 \uc8fc\uc694 \ubcc0\uc218\uc784\uc744 \uc2dc\uc0ac\ud55c\ub2e4.
    \ucd5c\uadfc \uac70\ub798\uc5d0\uc11c \ub2ec\ub7ec \ucc44\uad8c\uc740 \uc0c1\uc2b9 \ub9c8\uac10\ud588\uace0, \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 502bp\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.
    \uad6d\ucc44 \uc6c0\uc9c1\uc784\uc740 \uc911\uc559\uc740\ud589\uc758 \uc678\ud658 \ub9e4\uc785 \ud504\ub85c\uadf8\ub7a8\uc5d0 \uc601\ud5a5\uc744 \ubc1b\uace0 \uc788\uc73c\uba70, \uc2dc\uc7a5\uc740 \uc785\ubc95 \uc9c4\uc804\uc744 \ud1b5\ud574 \uc2dc\uc7a5 \uc2e0\ub8b0\uac00 \uac15\ud654\ub418\uae30\ub97c \uae30\ub300\ud558\uace0 \uc788\ub2e4.
    \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uc5d0\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uc740 \ub300\ubd80\ubd84 \uc0c1\uc2b9 \ub9c8\uac10\ud588\ub2e4.
    Supervielle +7.08%
    Edenor +5.09%
    Telecom +4.8%\uc774 \ubaa8\ub450 \uc0c1\uc2b9\ud588\ub2e4.<\/li>\n\n\n\n
  3. \uc7ac\uc815\uc801 \ubb34\uc8c4(Inocencia Fiscal) \uc81c\ub3c4 \uc2dc\ud589
    \ucd5c\uadfc \uc2dc\ud589 \uaddc\uc815\uc774 \ubc1c\ud45c\ub41c \uc7ac\uc815\uc801 \ubb34\uc8c4\ubc95(Ley de Inocencia Fiscal) \uc740 \uac00\uc815\uc5d0 \ubcf4\uc720\ub41c \ub2ec\ub7ec\ub97c \uacf5\uc2dd \uacbd\uc81c\ub85c \uc720\uc785\uc2dc\ud0a4\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud55c\ub2e4.
    \uc774 \uc81c\ub3c4\ub294 \ub0a9\uc138\uc790\uac00 \uc81c\ub54c \uc2e0\uace0\ud558\uace0 \uc138\uae08\uc744 \ub0a9\ubd80\ud558\uba74 \uc2e0\uace0 \ub0b4\uc6a9\uc758 \uc815\ud655\uc131\uc774 \ucd94\uc815\ub418\uba70, \uc790\uc0b0 \uc790\uccb4\ubcf4\ub2e4 \ub9e4\ucd9c\u00b7\uac70\ub798 \uae30\ub85d \uc911\uc2ec\uc73c\ub85c \uad00\ub9ac\uac00 \uc774\ub8e8\uc5b4\uc9c0\ub3c4\ub85d \uc124\uacc4\ub418\uc5b4 \uc788\ub2e4.
    \uadf8\ub7ec\ub098 ARCA (\uc138\uae08\uad00\uc138\uad00\ub9ac\uccad) \uaddc\uc815 \uc774\ud6c4\uc5d0\ub3c4 \uc5ec\uc804\ud788 \uc758\ubb38\uc774 \uc81c\uae30\ub418\uace0 \uc788\ub2e4. \ub0a9\uc138\uc790\uac00 \ub2e4\uc74c \uc138 \uac00\uc9c0 \uacbd\uc6b0 \uc911 \ud558\ub098\uc5d0 \ud574\ub2f9\ud558\uba74 \uc81c\ub3c4\uc5d0\uc11c \uc81c\uc678\ub420 \uc218 \uc788\ub2e4.
    \uc2e4\uc81c\ubcf4\ub2e4 15% \uc774\uc0c1 \uc801\uc740 \uc138\uae08\uc744 \ub0a9\ubd80\ud55c \uacbd\uc6b0,
    ARCA\uac00 \ubc95\uc5d0\uc11c \uc815\ud55c \uae30\uc900\uc744 \ub118\ub294 \ucc28\uc774\ub97c \ubc1c\uacac\ud55c \uacbd\uc6b0, \ud5c8\uc704 \uc601\uc218\uc99d\uc744 \uc0ac\uc6a9\ud55c \uc9c0\ucd9c\uc774 \ubc1c\uacac\ub41c \uacbd\uc6b0 (\uc120\uc758\uc758 \uacbd\uc6b0\ub77c\ub3c4 \uc81c\uc678 \uac00\ub2a5)\uc774\ub2e4.
    \uc774\ub7ec\ud55c \uc0c1\ud669\uc740 \uc81c\ub3c4\uc758 \uc2e4\ud6a8\uc131\uacfc \uc6b4\uc601 \ubc29\uc2dd\uc5d0 \ub300\ud55c \ub17c\uc7c1\uc744 \ub0b3\uace0 \uc788\ub2e4.
    \uc815\ubd80\uac00 \uac00\uc815\uc5d0 \ubcf4\uc720\ub41c \ub2ec\ub7ec\uc758 1%\ub9cc \uacf5\uc2dd\ud654\ud574\ub3c4 \uc57d 25\uc5b5 \ub2ec\ub7ec\ub97c \ud655\ubcf4\ud560 \uc218 \uc788\uc744 \uac83\uc73c\ub85c \ucd94\uc815\ub41c\ub2e4.
    \ucd5c\uadfc \uc790\ub8cc\uc5d0 \ub530\ub974\uba74 \uc544\ub974\ud5e8\ud2f0\ub098\uc778\uc758 \ud574\uc678 \ubcf4\uc720 \uc790\uc0b0(\ud604\uae08 \ubc0f \uc608\uae08)\uc740 \uc57d 2512\uc5b5 1\ucc9c\ub9cc \ub2ec\ub7ec\ub85c \ucd94\uc815\ub41c\ub2e4.<\/li>\n\n\n\n
  4. \uc911\uc559\uc740\ud589 \ub2ec\ub7ec \ub9e4\uc785 \uc9c0\uc18d, \ucd5c\uadfc 1\uc5b57\ucc9c\ub9cc \ub2ec\ub7ec \ub9e4\uc785
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \ub2ec\ub7ec \ub9e4\uc785\uc744 \uac00\uc18d\ud654\ud588\ub2e4. \ucd5c\uadfc \ud55c \ucc28\ub840 \uac70\ub798\uc5d0\uc11c 1\uc5b57000\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub2e4.
    \uc774\ub85c \uc778\ud574 \uc678\ud658\ubcf4\uc720\uc561\uc740 \ub2e4\uc2dc 450\uc5b5 \ub2ec\ub7ec\ub97c \uc0c1\ud68c\ud588\ub2e4.
    \ud604\uc7ac IMF \uae30\uc220\ub2e8\uc774 \uc544\ub974\ud5e8\ud2f0\ub098\uc5d0 \uccb4\ub958 \uc911\uc774\uba70, \ud504\ub85c\uadf8\ub7a8 2\ucc28 \uac80\ud1a0\ub97c \uc9c4\ud589\ud558\uace0 \uc788\ub2e4. \uc77c\ubd80 \uc678\ud658\ubcf4\uc720 \ubaa9\ud45c \ubbf8\ub2ec\ub85c \uc778\ud574 \uba74\uc81c \uac00\ub2a5\uc131\ub3c4 \ub17c\uc758\ub418\uace0 \uc788\ub2e4.
    \uc774\ub7ec\ud55c \uc0c1\ud669\uc5d0\uc11c \uacf5\uc2dd \ud658\uc728\uc740 1,416\ud398\uc18c\uae4c\uc9c0 \ud558\ub77d\ud588\uace0, \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8 \ub300\ube44 \uaca9\ucc28\ub294 \ucd95\uc18c\ub410\ub2e4.
    \uc18c\ub9e4 \uc2dc\uc7a5\uacfc \ubcd1\ud589 \ud658\uc728 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ubcf4\ub2e4 \uc548\uc815\uc801\uc778 \ud750\ub984\uc774 \ub098\ud0c0\ub0ac\ub2e4.<\/li>\n\n\n\n
  5. \ub2ec\ub7ec \ud658\uc728 \uacc4\uc18d \ud558\ub77d
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc678\ud658\uc2dc\uc7a5\uc740 \ube44\uad50\uc801 \uc548\uc815\ub41c \ub2ec\ub7ec \ud750\ub984\uc73c\ub85c \ud55c \uc8fc\ub97c \uc2dc\uc791\ud588\ub2e4.
    \uacf5\uc2dd \ub3c4\ub9e4 \ud658\uc728\uc740 \uc138 \ubc88\uc9f8 \uc5f0\uc18d \ud558\ub77d\ud558\uc5ec \uc57d 1,416\ud398\uc18c \uc218\uc900\uc774 \ub418\uc5c8\uace0, \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uacfc\uc758 \uaca9\ucc28\uac00 4\uac1c\uc6d4 \ub9cc\uc5d0 \ucc98\uc74c\uc73c\ub85c 10%\ub97c \ub118\uc744 \uac00\ub2a5\uc131\uc774 \uc81c\uae30\ub418\uace0 \uc788\ub2e4.
    \uc18c\ub9e4 \ud658\uc728 \uc57d 1,446.43\ud398\uc18c, \ube14\ub8e8 \ud658\uc728
    \uc57d 1,430\ud398\uc18c\uc774\uace0, MEP\uc640 CCL\ub3c4 \ube44\uc2b7\ud55c \uc218\uc900\uc5d0\uc11c \uac70\ub798\ub418\uc5c8\ub2e4.
    \uc774\ub294 1\uc6d4 \uc778\ud50c\ub808\uc774\uc158 \ub17c\uc7c1\uacfc \uc911\uc559\uc740\ud589 \uc678\ud658 \ub9e4\uc785\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc0c1\ub300\uc801\uc73c\ub85c \uc548\uc815\ub41c \ud658\uc728 \uc0c1\ud669\uc744 \ubc18\uc601\ud55c\ub2e4.
    2\uc6d4 \ub4e4\uc5b4 \uc911\uc559\uc740\ud589\uc740 \uc57d 4\uc5b59300\ub9cc \ub2ec\ub7ec\ub97c \ub9e4\uc785\ud588\ub2e4.
    \ub2e4\ub9cc \uc2dc\uc7a5\uc740 \ub2e4\uc74c \uc774\ubca4\ud2b8\uac00 \ubcc0\ub3d9\uc131\uc744 \ub192\uc77c \uc218 \uc788\ub2e4\uace0 \ubcf4\uace0 \uc788\ub2e4.
    1\uc6d4 \uc804\uad6d \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218 (IPC)\ubc1c\ud45c, \uad6d\ucc44 \uc785\ucc30, \uc758\ud68c \ud1a0\ub860\uc774\ub2e4.<\/li>\n\n\n\n
  6. 1\uc6d4 IPC \ubc1c\ud45c \uc608\uc815 (2004\ub144 \uae30\uc900 \ubc14\uc2a4\ucf13)
    INDEC\uc740 1\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\ub97c \ubc1c\ud45c\ud560 \uc608\uc815\uc774\ub2e4.
    \uc0c8\ub85c\uc6b4 \ubb3c\uac00 \uce21\uc815 \ubc29\ubc95 \ub3c4\uc785 \ub17c\uc758\uac00 \uc788\uc5c8\uc73c\ub098, \uc815\ubd80\ub294 \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158\uc774 \uc548\uc815\ub41c \uc774\ud6c4 \uc801\uc6a9\ud558\uae30\ub85c \ud558\uba74\uc11c \uc5f0\uae30\ub418\uc5c8\ub2e4. \uc774 \uacfc\uc815\uc5d0\uc11c \ub2f9\uc2dc INDEC \uccad\uc7a5 \ub9c8\ub974\ucf54 \ub77c\ubc14\ub0d0\uac00 \uacbd\uc81c\uc7a5\uad00\uacfc\uc758 \uc774\uacac\uc73c\ub85c \uc0ac\uc784\ud588\ub2e4.
    \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4\uc2dc\uc758 \uacbd\uc6b0 1\uc6d4 \ubb3c\uac00 \uc0c1\uc2b9\ub960\uc740 \uc6d4\uac04 3.1%\ub85c \ucd5c\uadfc 10\uac1c\uc6d4 \uc911 \uac00\uc7a5 \ub192\uc740 \uc218\uc900\uc774\uc5c8\ub2e4. \uc0c1\uc2b9 \uc694\uc778\uc740 \uc11c\ube44\uc2a4\uc640 \uc2dd\ub8cc\ud488 \uac00\uaca9\uc774\uc5c8\ub2e4.
    \uc774\ub85c \uc778\ud574 \ud5a5\ud6c4 \uc778\ud50c\ub808\uc774\uc158 \uce21\uc815 \ubc29\uc2dd, \ud1b5\uacc4 \uc2e0\ub8b0\uc131, \ub514\uc2a4\uc778\ud50c\ub808\uc774\uc158 \uacfc\uc815\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uad00\uc2ec\uc774 \uc9d1\uc911\ub418\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11411"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11411\/revisions"}],"predecessor-version":[{"id":11413,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11411\/revisions\/11413"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11412"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}