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FRANKFURT (Reuters) - Shares in German chipmaker Infineon have fallen more than four percent after disappointing results from sector peer Cisco and a report that Siemens was planning to sell Infineon stock, traders said.

By 8:34 a.m. Infineon shares were down 4.1 percent to at 11.1 euros, underperforming a weaker DJ Stoxx tech index.

One trader said the whole sector was being dragged down by the poor results from Cisco Systems Inc, the world's largest maker of Internet traffic equipment.

"Last night's rumours of a placing by Siemens may also be playing a part," he added, after a German stock market newsletter reported that the technology giant was planning to cut its stake in Infineon to under 30 percent from 39 percent some time this month.

Siemens declined to comment on the report by Platow Boerse, which also said the company would continue to sell Infineon shares until the end of the year if the placement went well.

Siemens has said in the past it would sell its Infineon shares in the long term but has never said what its schedule was.

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Source: Reuters