The three Baltic stock exchanges lost more ground Thursday, continuing a bad week on the financial markets.

The NASDAQ OMX Tallinn exchange closed down 2.54 per cent, Riga was down 3.82 per cent and the largest of the three Baltic exchanges in Vilnius dropped even more sharply, down 5.29 per cent.

The Baltic Benchmark Index (BBI) which includes data from all three exchanges, closed down 4.50 per cent at 322.13.

All three exchanges experienced similar falls Wednesday, with today's decline coming on the back of a downbeat report released by Danske Bank noting Baltic exposure to Credit Default Swap (CDS) risks.

Biggest loser of the day was a former stock market darling, Lithuanian investment company Invalda, which shed 14 per cent of its value.