The blue-chip BELEX15 index, which tracks the most liquid shares on the Belgrade Stock Exchange, lost 0.96% to 666.63 points after shedding 1.2% on Monday.
The broader BELEXline index closed lower 0.91% to 1,340.54 after ending down 0.92% in the previous trading session.
The joint SRX index of the bourses in Belgrade and Vienna shed 1.66% in euro terms to 195.65 after falling 1.27% on Monday.
Total turnover rose to 60.2 million dinars ($615,000/492,000 euro) from 25.8 million dinars on Monday.
Airport operator Aerodrom Nikola Tesla [BEL:AERO] generated Tuesday's largest turnover of 14.7 million dinars, closing down 0.41% at 975 dinars.
Aluminium rolling mill Impol Seval [BEL:IMPL] led the session's gainers, rising 1.86% to 930 dinars with 35 shares changing hands.
Industrial gases producer Messer Tehnogas [BEL:TGAS] paced the session's declines, closing 8.29% lower at 5,501 dinars with five shares changing hands.
(1 euro=122.3092 Serbian dinars)