And both played a part as the young Wales side dominated much of the first half.
Manchester City striker Bellamy made a great run down the left on 18 minutes and skipped past Liverpool's Sami Hyypia, but could not get the ball past Markus Heikkinen.
Soon after, Collins got his head on the end of a Simon Davies cross, but was denied by Jussi Jaaskelainen in goal and the linesman's flag.
Wales were passing the ball around neatly without creating much and at times were guilty of trying to overplay, while Finland were more reliant on hitting on the break by sending balls over the top.
And the Finns gave the home side a warning on 33 minutes when former Chelsea striker Forssell beat Collins before claiming Lewin Nyatanga had blocked him off.
Then, within a minute, Litmanen's free-kick found Hyypia at the far post, only to be denied by goalkeeper Wayne Hennessey.
But Litmanen, the oldest player on the pitch at 38, was instrumental again two minutes before the break as Finland opened the scoring.
His inch-perfect through-ball found Hibernian's Johansson who poked the ball past the onrushing Hennessey and in off the post.
Wales had clearly been rocked and were lucky not to be further behind on the stroke of half-time.
Litmanen was again involved in a move that ended with the ball at Forssell's feet in the box.
Gareth Bale made a late challenge to stop him and was fortunate not to give away a penalty as he did not appear to make contact with the ball.
Carl Robinson and Aaron Ramsey are left dejected after Wales' defeat
The home side needed a positive response in the second half and Wigan midfielder Jason Koumas had an early chance after being set up by Bellamy, but Jaaskelainen was out quick enough to block any attempt.
But already Wales seemed to have run out of ideas and looked vulnerable at the back as Finland hit them on the break.
First, Forssell was denied by Hennessey at the near post and then Cardiff midfielder Joe Ledley came to Wales' rescue heading Hannu Tihinen's looping header off the line.
Arsenal youngster Aaron Ramsey was brought on by Wales boss John Toshack, but it failed to rally the hosts and they continued to struggle.
In the closing stages, Collins had to dive across the box to stop Petri Pasanen's goal-bound effort, before Hennessey pulled off a double save from Johansson and Forssell.
Substitute Kuqi put Wales out of their misery in injury time, racing through on to Roman Eremenko's ball and the Crystal Palace striker slotted past the helpless Hennessey to ensure Finland leapfrogged Wales in Group Four.
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