{"id":14669,"date":"2026-09-04T18:46:00","date_gmt":"2026-09-04T21:46:00","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=14669"},"modified":"2026-09-04T18:46:02","modified_gmt":"2026-09-04T21:46:02","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c09%ec%9b%94-04%ec%9d%bc","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=14669","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(09\uc6d4 04\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \ud658\uc728 \uc2dc\uc7a5 \uae34\uc7a5 \uc644\ud654 \u2014 \ud658\uc728\uacfc \uc120\ubb3c\ud658 \ud558\ub77d
    \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728\uc740 0.20% \ud558\ub77d\ud574 \ub9e4\ub3c4 \uae30\uc900 1\ub2ec\ub7ec\ub2f9 1,508\ud398\uc18c\ub85c \uac70\ub798\ub97c \ub9c8\ucce4\uc2b5\ub2c8\ub2e4.
    \uc7a5\uc911\uc5d0\ub294 \ub2ec\ub7ec \uacf5\uae09\uc774 \uc6b0\uc138\ud558\uba74\uc11c \ud658\uc728\uc774 \uc644\ub9cc\ud558\uac8c \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4. \ud658\uc728 \ubcc0\ub3d9 \uc704\ud5d8\uc744 \ud53c\ud558\uae30 \uc704\ud55c \ud5e4\uc9c0 \uc218\uc694\ub294 \uacc4\uc18d\ub410\uc9c0\ub9cc \uc2dc\uc7a5\uc758 \uade0\ud615\uc744 \ud754\ub4e4 \uc815\ub3c4\ub294 \uc544\ub2c8\uc5c8\uc2b5\ub2c8\ub2e4.
    \ud604\uc7ac \ud658\uc728\uc740 \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uc778 1,879.97\ud398\uc18c\ubcf4\ub2e4 22.92% \ub0ae\uc740 \uc218\uc900\uc785\ub2c8\ub2e4.
    \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c\ub294 MEP \ud658\uc728\uc774 0.40% \ud558\ub77d\ud55c 1,528.13\ud398\uc18c\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4. CCL \ud658\uc728\uc740 1,588.50\ud398\uc18c\ub85c \uc548\uc815\uc801\uc778 \uc218\uc900\uc744 \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4.
    \ub2ec\ub7ec \uc120\ubb3c\uc2dc\uc7a5 \uc5ed\uc2dc \ud558\ub77d\uc138\ub97c \ubcf4\uc774\uba70 \ud3c9\uade0 0.13% \ub5a8\uc5b4\uc84c\uc2b5\ub2c8\ub2e4. 9\uc6d4\ubb3c\uacfc 10\uc6d4\ubb3c\uc740 \uac01\uac01 0.22%, 0.25% \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4.
    \uc774\uc5d0 \ub530\ub77c 9\uc6d4\ubb3c\uc5d0 \ubc18\uc601\ub41c \uc6d4\uac04 \ub0b4\uc7ac\uae08\ub9ac\ub294 1.49%\ub85c \ub0ae\uc544\uc84c\uc2b5\ub2c8\ub2e4.
    \ud55c\ud3b8 \ub2e8\uae30 \uc790\uae08\uc2dc\uc7a5\uc5d0\uc11c\ub294 \uae08\ub9ac \uc6c0\uc9c1\uc784\uc774 \uc5c7\uac08\ub838\uc2b5\ub2c8\ub2e4. TAMAR(\uace0\uc561 \uc608\uae08) \uae08\ub9ac\ub294 24.50%\ub85c \uc0c1\uc2b9\ud588\uace0, BADLAR(\uace0\uc561 \uc815\uae30 \uc608\uae08 \ud3c9\uade0) \uae08\ub9ac\ub294 23.13%\ub85c \uc62c\ub790\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n
  2. \uae08\uac12 \uae09\ub4f1\uc73c\ub85c \uc911\uc559\uc740\ud589 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589(BCRA)\uc758 \uc678\ud658\ubcf4\uc720\uc561\uc740 \ucd5c\uadfc \ud558\ub8e8 \ub3d9\uc548 3\uc5b5 1,500\ub9cc \ub2ec\ub7ec \uc99d\uac00\ud574 508\uc5b5 \ub2ec\ub7ec\ub85c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4.
    \uc774\ubc88 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\uc758 \uc8fc\uc694 \uc6d0\uc778\uc740 \uad6d\uc81c \uae08 \uac00\uaca9\uc774 2.40% \uc0c1\uc2b9\ud55c \ub370 \uc788\uc2b5\ub2c8\ub2e4. \uc6b0\ud638\uc801\uc778 \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5 \ud658\uacbd\ub3c4 \uc911\uc559\uc740\ud589 \ubcf4\uc720 \uc790\uc0b0\uc758 \uac00\uce58 \uc0c1\uc2b9\uc5d0 \uae30\uc5ec\ud588\uc2b5\ub2c8\ub2e4.
    \uadf8\ub7ec\ub098 \uacf5\uc2dd \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \uc911\uc559\uc740\ud589\uc758 \uac1c\uc785 \uaddc\ubaa8\ub294 \ub454\ud654\ub418\ub294 \ubaa8\uc2b5\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4.
    \uc804\uccb4 \uac70\ub798\uc561 8\uc5b5 9,800\ub9cc \ub2ec\ub7ec \uac00\uc6b4\ub370 \uc911\uc559\uc740\ud589\uc774 \ub9e4\uc785\ud55c \uae08\uc561\uc740 \ubd88\uacfc 1,500\ub9cc \ub2ec\ub7ec\ub85c, \uc804\uccb4 \uac70\ub798\uc561\uc758 \uc57d 2%\uc5d0 \uadf8\ucce4\uc2b5\ub2c8\ub2e4.
    \uc774\uc5d0 \ub530\ub77c 9\uc6d4 \ub4e4\uc5b4 \uc911\uc559\uc740\ud589\uc758 \uc678\ud658 \uc21c\ub9e4\uc785\uc561\uc740 5,800\ub9cc \ub2ec\ub7ec\ub97c \uae30\ub85d\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.
    2026\ub144 \ub4e4\uc5b4 \ub204\uc801 \uc678\ud658 \ub9e4\uc785\uc561\uc740 141\uc5b5 5,300\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uc73c\uba70, \uc911\uc559\uc740\ud589\uc740 26\uac70\ub798\uc77c \uc5f0\uc18d \uc21c\ub9e4\uc785\uc744 \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4.
    \ub2e4\ub9cc \uc678\ud658\ubcf4\uc720\uc561 \ucd95\uc801 \uc18d\ub3c4\ub294 \ub454\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. 9\uc6d4 \uc77c\ud3c9\uade0 \ub9e4\uc785\uc561\uc740 1,900\ub9cc \ub2ec\ub7ec\ub85c \ub5a8\uc5b4\uc838 8\uc6d4\uc758 \uc77c\ud3c9\uade0 3,800\ub9cc \ub2ec\ub7ec\uc5d0 \ud06c\uac8c \ubabb \ubbf8\uce58\uace0 \uc788\uc73c\uba70, \uc62c\ud574 \uc911\ubc18\uc5d0 \uae30\ub85d\ud588\ub358 \ub192\uc740 \uc218\uc900\uacfc\ub3c4 \uc0c1\ub2f9\ud55c \ucc28\uc774\ub97c \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.
    \uacb0\uad6d \uc2e4\uc81c \uc678\ud654 \uc720\uc785\uc774 \ucda9\ubd84\ud558\uc9c0 \uc54a\uc740 \uc0c1\ud669\uc5d0\uc11c \uae08\uc735\uc790\uc0b0\uc758 \uac00\uce58 \uc0c1\uc2b9\uc774 \uc678\ud658\ubcf4\uc720\uc561 \uc99d\uac00\ubd84\uc744 \ubcf4\uc644\ud55c \uac83\uc73c\ub85c \ubd84\uc11d\ub429\ub2c8\ub2e4.<\/li>\n\n\n\n
  3. \uc2dc\uc7a5 \ubd84\uc704\uae30 \uc804\ud658 \u2014 \uc6d4\uac00 \uc0c1\uc2b9\uc5d0\ub3c4 \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd \ud558\ub77d
    S&P Merval \uc9c0\uc218\ub294 \ub2ec\ub7ec \uae30\uc900\uc73c\ub85c 1.25% \ud558\ub77d\ud558\uba74\uc11c 4\uac70\ub798\uc77c \uc5f0\uc18d \uc0c1\uc2b9\uc138\ub97c \ub9c8\uac10\ud588\uc2b5\ub2c8\ub2e4.
    \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\uac00 \uac15\ud55c \ubc18\ub4f1\uc138\ub97c \ubcf4\uc600\uc74c\uc5d0\ub3c4 \ucc28\uc775\uc2e4\ud604 \ub9e4\ubb3c\uc774 \ub098\uc624\uba74\uc11c \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\uc5d0 \ud558\ub77d \uc555\ub825\uc774 \uc9d1\uc911\ub410\uc2b5\ub2c8\ub2e4.
    \ub274\uc695\uc2dc\uc7a5\uc758 \uc544\ub974\ud5e8\ud2f0\ub098 ADR\uacfc \ud604\uc9c0 \uc99d\uc2dc \uc885\ubaa9\ub4e4\uc774 \ube44\uc2b7\ud55c \ud3ed\uc73c\ub85c \ud558\ub77d\ud588\ub2e4\ub294 \uc810\uc5d0\uc11c \uc774\ubc88 \uc8fc\uac00 \ud558\ub77d\uc740 \ud658\uc728 \ubcc0\ud654\uc5d0 \ub530\ub978 \uc601\ud5a5\uc740 \uc544\ub2cc \uac83\uc73c\ub85c \ubd84\uc11d\ub410\uc2b5\ub2c8\ub2e4.
    \ubc18\uba74 \ucc44\uad8c\uc2dc\uc7a5\uc740 \uc8fc\uc2dd\uc2dc\uc7a5\uacfc \ub2e4\ub978 \uc6c0\uc9c1\uc784\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4.
    \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44\ub294 \ub2e4\ub978 \uc2e0\ud765\uad6d \uc2dc\uc7a5\uc758 \uc6c0\uc9c1\uc784\uacfc \ud568\uaed8 0.2~0.4% \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.
    \uc774\uc5d0 \ub530\ub77c \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 3\ud3ec\uc778\ud2b8 \ud558\ub77d\ud55c 493bp\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4. \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\uac00 500bp \uc544\ub798\ub85c \ub0b4\ub824\uac04 \uac83\uc740 2\uc8fc\uc5ec \ub9cc\uc5d0 \ucc98\uc74c\uc785\ub2c8\ub2e4.
    \ud55c\ud3b8 Bopreal \ucc44\uad8c\uc740 \uc57d\uc138\ub97c \ubcf4\uc600\uace0, \ud398\uc18c\ud654 \ud45c\uc2dc Boncap \ucc44\uad8c\uc740 \ub9cc\uae30\ubcc4 \uc218\uc775\ub960 \uace1\uc120\uc5d0\uc11c \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub97c \ub098\ud0c0\ub0c8\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n
  4. \ubc14\uc6b0\uc2e4\ub9ac \uc911\uc559\uc740\ud589 \ucd1d\uc7ac, BCRA \uc815\uad00 \uac1c\ud601\uc548 \uc639\ud638
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc911\uc559\uc740\ud589 \ucd1d\uc7ac \uc0b0\ud2f0\uc544\uace0 \ubc14\uc6b0\uc2e4\ub9ac(Santiago Bausili)\ub294 \uc815\ubd80\uac00 \ucd94\uc9c4\ud558\uace0 \uc788\ub294 \uc911\uc559\uc740\ud589 \uc815\uad00 \uac1c\ud601\uc548\uc744 \uc9c0\uc9c0\ud588\uc2b5\ub2c8\ub2e4.
    \ubc14\uc6b0\uc2e4\ub9ac \ucd1d\uc7ac\ub294 \uc678\ud658\ubcf4\uc720\uc561\uc744 \ub2f4\ubcf4\ub85c \uc81c\uacf5\ud574 \ud574\uc678\uc5d0\uc11c \uc790\uae08\uc744 \ucc28\uc785\ud560 \uc218 \uc788\ub3c4\ub85d \ud558\ub294 \ub0b4\uc6a9\uc5d0 \ub300\ud55c \uc57c\uad8c\uc758 \ube44\ud310\uc744 \ubc18\ubc15\ud588\uc2b5\ub2c8\ub2e4.
    \uadf8\ub294 \uc774\ub7ec\ud55c \uae08\uc735\uc218\ub2e8\uc740 \ud604\ud589 \uaddc\uc815 \uc544\ub798\uc5d0\uc11c\ub3c4 \uc774\ubbf8 \uc0ac\uc6a9\ud560 \uc218 \uc788\ub2e4\uace0 \uc124\uba85\ud588\uc2b5\ub2c8\ub2e4.
    \uc774\ubc88 \uac1c\uc815\uc758 \ubaa9\uc801\uc740 \ubcf5\uc7a1\ud55c \ubc95\uc801 \uad6c\uc870\ub97c \uc774\uc6a9\ud558\uc9c0 \uc54a\uace0\ub3c4 \uae08\uc735\uac70\ub798\ub97c \ubcf4\ub2e4 \ud6a8\uc728\uc801\uc774\uace0 \uc800\ub834\ud558\uac8c \uc2e4\ud589\ud560 \uc218 \uc788\ub3c4\ub85d \ud558\ub294 \ub370 \uc788\ub2e4\uace0 \ubc1d\ud614\uc2b5\ub2c8\ub2e4.
    \uac1c\uc815\uc548\uc740 \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ub0b4\uc5d0\uc11c \uc911\uc559\uc740\ud589 \uc790\uc0b0\uc5d0 \ub300\ud55c \uc555\ub958 \ubd88\uac00\ub2a5 \uc6d0\uce59\uc744 \uc720\uc9c0\ud569\ub2c8\ub2e4.
    \ub610\ud55c \ubbf8\uad6d \uad6d\ucc44, \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\ucc44 \ub610\ub294 \ud574\uc678\uc5d0 \uc608\uce58\ub41c \uae08\uc744 \ud65c\uc6a9\ud55c \ud658\ub9e4\uc870\uac74\ubd80 \uac70\ub798(Repo \ucc44\uad8c)\ub97c \ud560 \uc218 \uc788\ub294 \uac00\ub2a5\uc131\ub3c4 \uc7ac\ud655\uc778\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.
    \ubc14\uc6b0\uc2e4\ub9ac \ucd1d\uc7ac\ub294 \uc774\ubc88 \uac1c\ud601\uc548\uc774 \uc911\uc559\uc740\ud589\uc758 \ub3c5\ub9bd\uc131\uc744 \ud55c\uce35 \uac15\ud654\ud558\ub294 \ub0b4\uc6a9\uc774\ub77c\uace0 \uac15\uc870\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n
  5. \uc5f0\uc900 \ubc1c\uc5b8\uacfc \ubbf8\uad6d \uace0\uc6a9\uc9c0\ud45c \uae30\ub300\uac10\uc73c\ub85c \uae00\ub85c\ubc8c \uc2dc\uc7a5 \uc0c1\uc2b9
    \uc138\uacc4 \uc8fc\uc694 \uc99d\uc2dc\ub294 \ubbf8\uad6d\uc758 \uacf5\uc2dd \uace0\uc6a9\ubcf4\uace0\uc11c \ubc1c\ud45c\ub97c \uae30\ub2e4\ub9ac\uba70 \uc0c1\uc2b9\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4.
    \ucc44\uad8c\uc2dc\uc7a5 \uc5ed\uc2dc \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed) \uc774\uc0ac \ud06c\ub9ac\uc2a4\ud1a0\ud37c \uc6d4\ub7ec\uc758 \ubc1c\uc5b8 \uc774\ud6c4 \uc548\ub3c4\ud558\ub294 \ubaa8\uc2b5\uc744 \ubcf4\uc600\uc2b5\ub2c8\ub2e4.
    \uc6d4\ub7ec \uc774\uc0ac\ub294 \ubb3c\uac00\uc0c1\uc2b9\ub960 \ub454\ud654 \ucd94\uc138\uac00 \ud655\uace0\ud574\uc9c8 \uacbd\uc6b0 \uc774\ubc88 \ub2ec \uae08\ub9ac \uc778\uc0c1\uc744 \uc911\ub2e8\ud560 \uc218 \uc788\ub2e4\ub294 \uc785\uc7a5\uc744 \ub098\ud0c0\ub0c8\uc2b5\ub2c8\ub2e4.
    \uc774 \uac19\uc740 \ubc1c\uc5b8\uc73c\ub85c \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c \ub2ec\ub7ec \uac15\uc138\uac00 \ub2e4\uc18c \uc644\ud654\ub410\uc2b5\ub2c8\ub2e4.
    \ubbf8\uad6d 2\ub144 \ub9cc\uae30 \uad6d\ucc44 \uc218\uc775\ub960\uc740 4.33%\ub85c \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4.
    \uc2dc\uc7a5\uc5d0\uc11c\ub294 8\uc6d4 \ubbf8\uad6d \uc2e0\uaddc \uace0\uc6a9\uc774 5\ub9cc 6,000\uba85 \uc99d\uac00\ud558\uace0 \uc2e4\uc5c5\ub960\uc740 4.1%\ub85c \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.
    \uc5d0\ub108\uc9c0 \uc2dc\uc7a5\uc5d0\uc11c\ub294 \ube0c\ub80c\ud2b8\uc720\uac00 \ubc30\ub7f4\ub2f9 94.92\ub2ec\ub7ec\ub85c 0.64% \ud558\ub77d\ud588\uace0, WTI\ub294 \ubc30\ub7f4\ub2f9 90.49\ub2ec\ub7ec\ub85c 0.88% \ub5a8\uc5b4\uc84c\uc2b5\ub2c8\ub2e4.
    \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \uac1c\uc7a5 \uc804 \uac70\ub798\uc5d0\uc11c\ub294 S&P 500\uc774 0.08% \uc0c1\uc2b9\ud558\uace0 \ub098\uc2a4\ub2e5\uc774 0.53% \uc0c1\uc2b9\ud55c \ubc18\uba74, \ub2e4\uc6b0\uc874\uc2a4 \uc9c0\uc218\ub294 0.08% \uc18c\ud3ed \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":14562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-14669","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\/14669","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=14669"}],"version-history":[{"count":0,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/14669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/14562"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}