The 24-share benchmark CROBEX index lost 0.21% to 2,232.84 points after falling 0.22% on Wednesday.
The narrower blue-chip index, CROBEX10, which tracks the 10 leading companies in terms of free-float market capitalisation and liquidity, closed flat at 1,169.48 on Thursday.
The CROX index, which tracks the 12 most traded stocks on the ZSE and is calculated by the Vienna bourse, fell 0.34% in euro terms to 1,366.92 points.
Shares of HT-Hrvatske Telekomunikacije, majority-owned by Deutsche Telekom, rose 0.24% to 272.25 kuna ($56.5/37.7 euro) in the day's highest turnover of some 4.6 million kuna.
ZSE's total turnover in floor trading fell to 27.7 million kuna from 30.5 million kuna on Wednesday.
The fixed-income CROBIS index closed up 0.06% at 90.41 points.
(1 euro = 7.2209 Croatian kuna)