BELEX15 fell 0.68% to close at 985.48 points.
Dunav Osiguranje led the blue-chip decliners, dropping 3.21% to 964 dinars at close, as 98 shares traded.
NIS fell 0.97% to 817 dinars at close, generating the single highest turnover for the day - of 7.1 million dinars.
There were no blue-chip gainers on Friday, with Aerodrom Nikola Tesla [BEL:AERO] ending flat at 1,900 dinars as 6 shares changed hands.
The broader BELEXline, a free-float market capitalisation weighted index, also dropped, closing 0.39% lower at 2,196.14 points.
Total turnover on the Belgrade bourse declined to 8.6 million dinars ($82,400/77,000 euro) on Friday from 26.5 million dinars on Thursday.
(1 euro = 116.715 dinars)