By Chao Deng 

Asian markets rose Monday, with Australia's S&P ASX 200 again verging on the 6000 mark amid gains in mining stocks, while Hong Kong shares extended their longest winning streak in more than two years.

The S&P ASX 200 was up 0.7% at 5972.70 with a continued recovery in iron ore prices buoying Australian mining shares-- BHP Billiton Ltd., Rio Tinto Ltd. and Fortescue Metals Group Ltd. were up 1.9%, 2.9% and 13.1%, respectively.

A break to 6000 would be the first time for the index since 2008. "The market has been trying to get to the 6000 mark since February," with the support of expectations for an interest-rate cut, said Shane Oliver, head of investment strategy at AMP Capital.

The benchmark is up nearly 11% year to date, as it plays catch up to global shares since its 2009 lows and after it finished virtually unchanged last year, said Mr. Oliver. Some economists are expecting Australia's central to bank to cut rates for the second time this year when it meets next week.

In Hong Kong, the Hang Seng Index was up 1.2% to 28404.17, extending six straight weeks of gains, the longest streak since late 2012.

One of the top performers on the index, HSBC Holdings PLC., was up nearly 5% after the bank's management confirmed that a broader strategic review is under way, alongside a review of the location of its headquarters. Goldman Sachs expects HSBC to announce in detail the conclusions of its strategic review at its investor update on June 9.

Hong Kong was also getting a lift on speculation that China is stepping up reform of its state-owned enterprises. The country's state-asset regulator plans to consolidate centrally-administered SOEs to 40 from 112, according to a local report by Economic Information Daily.

"This story is getting a lot of attention today," said David Welch, head of Asian equity distribution at Hong Kong-based bank Reorient Group. "SOE reform euphoria [is] driving sentiment " with shippers, oil and telecom stocks outperforming on merger chatter, he added.

Hong Kong-listed shares of state-owned China Petroleum & Chemical Corp. were up 5.6%, the top performer on the Hang Seng Index.

China Construction Bank Corp. was up 0.8%. The bank, the underwriter for 1.5 billion yuan ($242 million) of notes issued by Baoding Tianwei Group, has come to the aid of the state-owned company to help it make an overdue interest payment, a Chinese business magazine said Saturday.

Meanwhile, the Shanghai Composite Index was up 1.9% at 4475.69.

The region also got a lift from gains in the U.S. Friday, where the S&P 500 and Nasdaq Composite pushed to fresh highs. Global investors await the latest policy announcement from the U.S. Federal Reserve on Wednesday, which has signaled that a rate increase in June has become less likely.

Taiwan's tech-heavy Taiex was up 0.7% at 9982.51, encouraged by recent gains in the Nasdaq. The Taiex is on track for a fresh 15 year high Monday, after its close on Friday broke past its October 2007 peak. Still, the index is far from its record close of 10202.20 in December 2000.

The Nikkei Stock Average was last near flat at 20018.30, as investors await announcements from both the U.S. Federal Reserve and the Bank of Japan at the end of this month.

Prudence Ho contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com

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