While the stock market continued to sell...

While the stock market continued to sell off as the possibility of war approached, the underlying economy continues in its recessionary mode with bankruptcies and bank failures abounding, according to Irving Katz, a San Diego-based stock market analyst.

Magma Power was the only San Diego stock to report a good gain during the past week, Katz said. Magma Power, which gained $3.25 is an alternative energy supplier and could benefit from high energy prices resulting from a war.

Most San Diego stocks that had initial public offerings during 1990 fell after they began trading, Katz said.

The only gainer was Charter Golf, issued at $1.80 on May 2, 1990. It closed the year at $5.75 for a 219% gain. The units now are selling at $5.125, which is “still a substantial gain,” Katz said.

Remaining initial public offerings all showed losses by year’s end with most continuing their downward moves through Monday.

Gensia Pharmaceuticals, which went public at $12 per share on June 5, ended the year at $9.375, a 14.8% loss. It closed Monday at $7.625.

Lidak Pharmaceutical, issued at $5 on May 8, closed the year at $4.25, down 15%. It closed Monday at $3.125.

Continuing downward was Wahlco Environmental, which was issued at $13 on April 25 and ended the year at $8.625, a loss of 33.7%. Wahlco closed Monday at $8.

California Jamar went public at $6 on April 26. Year-end price was $3.75, down 37.5%. The stock closed Monday at $3.

The largest loser as Immune Response, which is involved with an AIDS vaccine being developed in part by Jonas Salk. Immune Response went public at $7, closed the year at $2.875, a 58.9% loss, and closed Monday at $3.125.