The blue-chip BELEX15 index of the Belgrade Stock Exchange fell 0.40% to 436.40 points after rising 0.22% on Tuesday.
The broader BELEXline lost 0.82% to 862.16 points after adding 0.01% in the previous trading session.
The joint SRX index of the bourses in Belgrade and Vienna decreased 0.79% to 131.31 points after climbing 1.05% on Tuesday.
Total turnover fell to 40.8 million dinars ($460,000/353,000 euro) from 58.8 million dinars on Tuesday.
Lender Komercijalna banka generated Wednesday's largest turnover of 10 million dinars. It closed 8.34% lower at 1,000 dinars.
Water bottling company BB Minaqua led the gainers, adding 20% to 5,040 dinars in a volume of seven shares.
Univerzal banka paced the decliners, losing 20.01% to 1,399 dinars in a volume of two shares.
(1 euro=115.5686 Serbian dinars)