The MSCI Latin American index rose 0.24 percent. The index has stabilized after a recent drop since early April.
A report showing record US exports in April eased some concerns about a stalled economic recovery in the United States. A spate of weak US data has been weighing on the market.
"Mexico is most exposed to the manufacturing and export part of the US economy, and this part keeps growing at reasonable levels," said Gonzalo Fernandez, a stock strategist at Santander in Mexico City.
"We are going to keep moving between pessimism and optimism on the US economy," he added.
Brazil's market seems to have found a fairly solid floor after hitting its lowest since July last month.
Some initial signs that inflation may have peaked and that an interest rate hike cycle may soon draw to a close have pushed some investors cautiously back into the market, analysts said.
"We know the inflation scenario is getting better, but right now we think this scenario of deceleration in the United States and the global economy should limit part of the upward trend," said Flavio Serrano, an economist at Espirito Santo investment bank.
Brazil's benchmark Bovespa stock index rose 0.69 percent. A dip below the 63,000 point level drew in buyers for the second straight day, but volume has been steadily falling this month, suggesting a lack of conviction in the move higher.
Brazil's central bank raised its key interest rate to 12.25 percent after the close of markets on Wednesday. Policymakers are seen hiking at least one more time in July.
"Once the tightening cycle ends, the Bovespa should have a very strong performance, but until then we will keep hovering around these levels," Serrano said.
Traders said they saw some flows from foreign investors, who had pulled funds out of Brazil during its interest rate hike cycle.
Heavyweight commodity companies pulled the Bovespa up, with state run oil company Petrobras gaining 2.16 percent.
Limiting gains, shares of food processing company Brasil Foods sank 3.21 percent after a member of Brazil's antitrust body voted late in the previous day against a 2009 merger that formed the company. A decision on the merger is now slated for June 15.
Mexico's IPC index rose 1.02 percent as the index continued a rebound off of an eight-month low earlier this week.
Mining company Grupo Mexico jumped 4 percent. Its shares had slumped 10 percent this week on worries of new taxes on it operations in Peru after Ollanta Humala won Peru's presidential election on Sunday.
Chile's IPSA index fell 1.18 percent shares in retailer La Polar plunged 42.43 percent after the company disclosed management problems that could force it to increase provisions by at least $425 million.
Copyright Reuters, 2011