Mexico, which sends more than 80 percent of its exports to the United States, needs a recovery in U.S. demand to emerge from its own deep slump.

“The recession has hit bottom, and the medium-term outlook has improved. This will help emerging markets and commodities,” said Ricardo Aguilar, an analyst at Invex brokerage in Mexico City.

Some investors had worried September could spur a major pullback in stock markets following a steep rally since March, but the IPC is headed for a gain of over 5 percent for the month.

“People were afraid that September was going to be a monster, but here we are at the end of the month, and nothing has happened,” said Gerardo Roman, head of stock trading at Actinver brokerage in Mexico City.

Shares in America Movil (AMXL.MX), Latin America’s top wireless provider, gained 0.78 percent to 29.87 pesos while bank Banorte (GFNORTEO.MX) rose 2.79 percent to 45.39.