* HSI -0.29 pct, HSCE -0.27 pct, CSI300 -0.06 pct, SSEC -0.21 pct
* Large caps, such as PetroChina, ICBC fall on profit-taking
* Media stocks outperform on Huayi Brothers investment news
HONG KONG/SHANGHAI, Nov 19 (Reuters) - Hong Kong and mainland Chinese shares eased on Wednesday, pressured by profit-taking in large-cap stocks and further pressure on energy counters as oil prices extended their slide.
By midday, the Hang Seng Index was down 0.3 percent at 23,462.1 points. The China Enterprises Index of the top Chinese listings in Hong Kong also dropped 0.3 percent.
In the mainland, the CSI300 index was down 0.1 percent at 2,539.9 points, while the Shanghai Composite Index lost 0.2 percent to 2,451.2 points.
Hong Kong shares fell for the third consecutive day after Monday’s highly-anticipated launch of the landmark Shanghai-Hong Kong stock connect scheme.
Announced in April, the plan had once pushed large caps sharply higher on expectations of fresh cash inflows, but analysts and traders said the initial response has been weaker than previously expected.
Only around 10 percent of the daily northbound quota had been used by midday and about 1 percent of the southbound quota.
“We set our expectations too high, and the capital inflows are sluggish,” said Sam Chi Yung, at Delta Asia Financial Group in Hong Kong.
“Most mainland investors are retail investors and they will take more time to adapt to trading rules in Hong Kong.”
Among top losers were oil companies as Brent crude futures continued to fall. By midday, oil giant PetroChina slumped 1.64 percent while Kunlun Energy plunged 2.5 percent.
In Shanghai, weakness in most large-cap blue chips offset rises in small and medium caps.
PetroChina’s yuan-denominated A shares fell 0.13 percent while top bank ICBC dropped 0.81 percent.
“Blue chips have entered a correction period to digest previous gains” during the run-up to the launch of the stock connect plan, said Liu Jingde, analyst at Cinda Securities in Beijing.
Bucking the softer trend, media companies were buoyed by news that a firm controlled by Alibaba founder Jack Ma and social media firm Tencent are set to invest a combined 2.8 billion yuan ($458 million) to raise their stakes in Huayi Brothers Media Corp.
Huayi Brothers Media Corp jumped its 10 percent daily limit in early trade.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stands at 101.82, narrowing slightly from Tuesday.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. (Reporting by the Shanghai Newsroom; Editing by Kim Coghill)