Asian stocks fell, paring the benchmark regional equities gauge’s biggest monthly rally in five years, as material shares led losses.

The MSCI Asia Pacific Index slipped less than 0.1 percent to 134.01 as of 9:08 a.m. in Tokyo. The gauge surged 8.3 percent this month through Monday, on course for its best monthly advance since September 2010, as Chinese shares rallied and traders pushed back expectations on the timing of the Federal Reserve’s first interest-rate increase. The global stock rebound in October has restored more than $4 trillion in equity value.

The October surge pushed valuations on the MSCI Asia Pacific index this month back above their five-year average, Bloomberg data show. The index trades at 13.6 times estimated earnings, the data show. Equity gains came after last quarter’s volatility triggered by China’s surprise decision to devalue the yuan in August.

Japan’s Topix index gained 0.5 percent. South Korea’s Kospi index was little changed. New Zealand’s S&P/NZX 50 Index rose 0.7 percent.

Australia’s S&P/ASX 200 Index dropped 0.3 percent. The nation’s banking regulator will take additional steps by the end of 2016 to ensure Australia’s lenders have strong capital levels, the government said Tuesday in its response to the Financial System Inquiry.

E-mini futures on the Standard & Poor’s 500 Index slipped 0.1 percent. The underlying gauge closed little changed on Monday at the highest since Aug. 20, rising above a level where past rallies since the summer selloff have lost momentum. International Business Machines Corp. fell in late trading as quarterly revenue missed estimates.

Source: Bloomberg