Whatever goes up must come down, and...

Whatever goes up must come down, and the stock market did its best to prove the axiom, said Irving Katz, director of research at Thomas Green/San Diego Securities.

With a double whammy of the Iraq invasion of Kuwait and the increase in U.S. joblessness, which often portends or confirms a recession, the U.S. stock market joined international stock markets on the downside.

San Diego stocks that have not participated very actively in any major market gains, now find themselves participating in the downward move.

Of the 62 stocks falling, eight posted new lows for the year. Gensia Pharmaceuticals sank to $7 after going public in early June at $11 a share. Immune Response closed at $4 after having gone public recently at $7. Other firms with 1990 lows were Burnham Pacific Properties, Triton Group Ltd., Wahlco Environmental, BSD Bancorp, DH Technology and WD-40.

Large points losers included Molecular Biosystems, down $3.125; Rohr Industries, down $3.50; Xytronyx, down $2.625; Mail Boxes Etc., down $3; Price Co., down $3.25, and Medical Imaging Centers of America, down $2.375. La Jolla Bancorp dropped $2.75 as its acquisition by Security Pacific Bank suddenly became questionable after Security Pacific’s stock price fell.

International Totalizator Systems fell $2.44 and is now down nearly 50% from its 1990 high of $7.875. The company reported a poor second quarter, and investors hurried to the exit, Katz said. Mycogen closed off $3.25 at $13.50, down substantially from its secondary-stock offering price of $17.75 in early June.

HomeFed closed Monday at $10, down from a 1990 high of $37.875. Robert Adelizzi, the company’s chief executive, will offer an explanation for the market disenchantment at a noon speech Wednesday before the San Diego Financial Analysts Society.

Only two San Diego County stocks posted gains: Titan Corp. finished up $.375 and Magma Power was up $.75.