Hong Kong stocks tumbled in heavy trade Friday after the overnight sell-off in Wall Street, which also triggered fall across the Asian markets.

Hong Kong stocks plummeted 564.58 points to open at 22,647.11 and in the afternoon session, the benchmark index plunged more than 700 points before rebounding a little to end the day's trade at 22,570.41, 641.28 points or 2.76 percent lower.

This is Hong Kong stocks' worst one-day percentage fall since March as investors unloaded shares across the board. Turnover soared to 112.5 billion HK dollars (14.4 billion U.S. dollars), the second largest turnover in history.

The three Chinese mainland insurers that had been speculated for days by virtue of the news over eased insurance QDII put in mixed shows. China Life and Ping An fell 3.46 percent and 4.37 percent. PICC P&C narrowed its gain after breaking a new high of 8.95 HK dollars and edged up 0.82 percent to 8.62 HK dollars.

The six Chinese mainland banks slipped. ICBC , CCB, Bank of China, Bankcomm, CM Bank and CITIC Bank slid 2.18 percent to 4.115 percent.

Other bank stocks moved down with the benchmark index. Hang Seng Bank was down 1.25 percent after rises, Bank of East Asia down 0.66 percent, BOC HK down 2.63 percent, and StanChart down 3.79 percent.

On resource stocks side, PetroChina and Sinopec Corp dived 3.13percent and 1.91 percent; Chalco was down 3.68 percent and JiangxiCopper down 3.28 per cent; Zijin Mining tumbled 3.61 percent, CMOC was down 3.79 percent and HNC down 7.31 percent.

Coal stocks decline. China Shenhua, Yanzhou Coal and China Coal receded over 3 per cent; electricity stocks continued falling after their application for raising power rates was rejected. Huaneng Power, Beijing Datang, Huadian Power and China Power down2.59 percent to 3.32 percent.

Steel stocks Angang Newsteel, Maanshan Iron and Chongqing Iron lost 1.17 percent to 4.81 percent. Cement stocks Anhui Conch and CNBM declined 5.88 percent and 4.34 percent.

Semi-fresh Fosun Intl was up 1.51 percent, Ch Automation down 0.54 percent after setting a new high of 3.93 HK dollars, Anta down 4.4 percent and Tiangong Int'l down 3.11 percent on the second listing day.

Analysts here said that if Wall Street continued its fall on Friday, Hong Kong stocks would face further selling pressure on Monday. However, they said that Hong Kong stock would not always follow Wall Street' lead as investors were optimistic about the first half profits of Chinese mainland stocks. (One U.S. dollar equals 7.815 HK dollars)