The Belgrade bourse's blue-chip BELEX15 index lost 1.9% to 748.71 points after sliding 1.01% on Thursday.
The broader BELEXline index fell 1.61% to 1,437.30 points on Friday after edging down 0.75% the day before.
The joint SRX index of the bourses in Belgrade and Vienna fell 1.42% to 334.27 on the last working day before the weekend.
The bourse's total turnover increased to 85.3 million dinars ($1.35 million/905,074 euro) from 75.7 million dinars on Thursday.
Food company Fidelinka led the gainers, climbing 1.71% to 356 dinars.
Mechanical engineering company Progres posted the biggest slide. Its shares tumbled 11.11% to 120 dinars.
Blue chip Agrobanka lost 1.75% to end at 10,523 dinars in the day’s highest turnover of 29.2 million dinars.
Blue chip AIK Banka fell 2.82% to end at 2,755 dinars in the second day's highest turnover of 12.6 million dinars.
Commercial lender Komercijalna Banka slid 2.75% to 33,066 dinars in the third highest turnover of 6.5 million dinars.
Fallers outnumbered climbers 30 to 12, while the shares of 15 companies remained flat on Friday.
(1 euro = 94.2464 Serbian dinars)