Hong Kong stocks plunged over 700 points from an intraday high in afternoon trading as investors cashed out on gains, sending turnover to a four-month peak.

The benchmark Hang Seng index briefly soared to 22,523 points, but quickly reversed course, ending the day down 43 points or 0.19 percent at 21,814, with a daily turnover of HK$379.44 billion.

The Tech Index once hit a three-year high but later retreated and closed at 5,235 points, down about 0.9 percent.

The Hang Seng China Enterprises Index fell 55 points, or 0.68 percent, closing at 8,002 points.