The blue-chip BELEX15 index, which tracks the most liquid shares on the Belgrade Stock Exchange, fell 0.3% to 655.52 points after closing flat on Wednesday.
The broader BELEXline index inched down 0.15% to 1,320.56 after closing 0.06% lower in the previous trading session.
The joint SRX index of the bourses in Belgrade and Vienna added 0.65% in euro terms to 197.15 after gaining 0.76% on Wednesday.
Total turnover rose to 21.9 million dinars ($223,000/182,000 euro) from 12.3 million dinars on Wednesday.
Oil and gas company NIS [BEL:NIIS] generated the session's largest turnover of 2.1 million dinars, closing down 1.33% at 740 dinars.
Mineral water bottler Planinka [BEL:PLNN] led the session's gainers, closing 2.93% higher at 22,134 dinars with 53 shares changing hands.
Aluminium rolling mill Impol Seval [BEL:IMPL] paced the decliners, falling 1.74% to 895 dinars with 39 shares changing hands.
(1 euro=120.535 Serbian dinars)