FRANKFURT, June 28 (Reuters) - Shares in German forklift truck maker Kion fell on their debut on the Frankfurt stock exchange on Friday, boding ill for next week's proposed initial public offer of real estate firm Deutsche Annington .

The stock had been priced at the very bottom of the range of 24 euros ($31.21) to 30 euros, but many investors still sold holdings in Kion swiftly, driving the stock down 1.3 percent below the issue price as of 1454 GMT.

Kion is the world's second biggest maker of forklifts after Japan's Toyota and had adjusted earnings before interest and taxation last year of 438 million euros, up from 365 mln in 2011.

Its private equity owner KKR blamed the poor start to recent market fears regarding a reduction in the Fed's quantitative easing programme and a credit crunch among China's banks.

Europe's major stock markets were all down by another 0.5-1.2 percent on Friday.