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I think these UK shares are the best stock market crash bargains to buy now

Since the stock market bottomed out on 23 March, the FTSE 100 index has recovered 30% of its value. Serious gains were made last week, with the blue-chip index rising by just over 5%. That said, the index is still down by 12% from its mid-February valuation, leading me to believe there are still plenty of bargains on offer.

Stock market crash bargains

First, I think it’s important to outline what exactly it is I’m looking for in a stock market crash bargain. What I don’t mean is a stock that looks cheap simply because its share price has fallen. Rather, a stock market crash bargain is one whose share price has fallen too much, such that it now appears undervalued.

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When the stock market is especially volatile, investors can overreact to various world events, news headlines, and company announcements. This can happen to such an extent that a stock may become oversold. Thus, the share price falls below the company’s intrinsic value. Investors who can spot these stocks often profit over the long term through a combination of share price appreciation and dividend payments.

We’ve already seen this in practise with companies such as International Consolidated Airlines Group. The company’s share price has rocketed by over 100% since mid-May, after plummeting by 73%.

However, I think a word of caution is called for here. While share prices continue to rampage upwards on the hopes of a swift recovery to the global economy, a second market crash shouldn’t be ruled out. As an investor, you should keep this in mind and be prepared for another correction. One way to do this is to hold some cash to capitalise on any further fall in asset prices.

With that in mind, here are two names that I think are among the best stock market crash bargains to buy today.

Standout UK shares

British multinational mining company Glencore issued a first-quarter production report at the end of April stating that “disruptions to our business have, to date, been manageable and the majority of our assets are operating relatively normally”. Despite this, the shares are down by 21% since mid-February, falling by over 50% in the depths of the sell-off. Undoubtedly, operations are likely to be affected, but I’m confident the company’s performance can remain relatively strong. As such, now could be an ideal time buy shares in Glencore, which look oversold to me.

Low-cost budget airliner easyJet (LSE: EZJ) recently unveiled plans to resume flying this summer. The group aims to restart flights on 75% of its routes by the end of August. After grounding the majority of its fleet in March, the company has taken every step to preserve cash and liquidity. Jobs have been cut, the dividend has been scrapped, and new orders cancelled.

Airline stocks have been soaring as countries around the world show early signs of reopening borders. Over the last few weeks, the easyJet share price has climbed by 90%. But I reckon there’s more to come, especially if the transition out of lockdown continues smoothly. It’s worth noting that the shares are still down by 38% since mid-February and will have to recover approximately another 65% just to reach pre-cash levels. Therefore, for those who remain bullish about the long-term recovery prospects of the airline industry, I consider easyJet one of the best stock market crash bargains out there.

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Matthew Dumigan owns shares in International Consolidated Airlines Group. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.