* HK->Shanghai Connect daily quota used 1.5 pct, Shanghai->HK daily quota used 3.5 pct
* HSI +1.2 pct, HSCE +1.8 pct, CSI300 +1.3 pct
* Investors see limited impact from fresh tariffs
Sept 19 (Reuters) - Hong Kong shares rose to a two-week high on Wednesday, joining a broad rally in Asian markets, as investors saw limited impact from an escalating Sino-U.S. trade war, and bet on more stimulus from Beijing to bolster growth.
** The Hang Seng index rose 1.2 percent to 27,407.37 points, while the China Enterprises Index gained 1.8 percent to 10,741.69 points.
** ** China will use the continuing trade war as an opportunity to replace imports, promote localisation and accelerate the development of high-tech products, the state-run People’s Daily newspaper said in a front-page article on Wednesday.
** The administration of U.S. President Donald Trump said on Monday that it would begin to levy new tariffs of 10 percent on $200 billion of Chinese products on Sept. 24, going up to 25 percent by the end of 2018. China hit back, saying it will levy tariffs on about $60 billion worth of U.S. goods, as previously planned, but cut the tariff rates. ** The sub-index of the Hang Seng tracking energy shares rose 2.5 percent, while the IT sector rose 1.25 percent, the financial sector was 1.07 percent higher and property sector rose 1.36 percent. ** The top gainer on Hang Seng was China Mengniu Dairy Co Ltd , up 6.9 percent, while the biggest loser was MTR Corp Ltd, which was down 0.95 percent. ** China’s main Shanghai Composite index closed up 1.14 percent at 2,699.95 points, while its blue-chip CSI300 index ended up 1.32 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.94 percent, while Japan’s Nikkei index closed up 1.08 percent. ** The yuan was quoted at 6.8516 per U.S. dollar at 08:31 GMT, 0.14 percent firmer than the previous close of 6.8615. ** The top gainers among H-shares were Great Wall Motor Co Ltd up 11.88 percent, followed by Byd Co Ltd, gaining 8.22 percent and China Vanke Co Ltd, up by 6.09 percent. ** The three biggest H-shares percentage decliners were Guangdong Investment Ltd, which was down 1.43 percent, China Mobile Ltd, which fell 0.8 percent and CGN Power Co Ltd, down by 0.5 percent. ** At close, China’s A-shares were trading at a premium of 19.49 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 10.48 as of the last full trading day while the dividend yield was 3.5 percent. (Reporting by the Shanghai Newsroom; Editing by Sunil Nair)