This FTSE100 down from a 52-week high reached in May. But some index members — Barclays (LSE:BARC), Kingfisher (LSE:KGF) and Diploma (LSE:DPLM) – are doing better.

Since we have been told to “buy low and sell high,” would it be crazy to buy any of these stocks now?

Still very affordable

After rising almost 50% in value, Barclays is set to have a stunning 2024 so far, with investors clearly liking the bank’s strategy of cutting costs, selling assets and reorganising business units.

While this all sounds good, it will be captivating to see how bondholders react when interest rates are finally cut and margins tighten at Barclays’ retail banking division.

On the other hand, I think the Bank of England is likely to remain cautious going forward. And despite recent momentum, the stock still trades at a price-to-book (P/B) ratio of just 0.5. That’s lower than its FTSE 100 rival Lloyds (0.8).

Barclays also looks attractive from a passive income perspective. Analysts predict it will return 8.54 pence per share to investors in fiscal 2024. At the current price, that’s a dividend yield of 3.7%.

If I were looking for affordable income stocks today, Barclays would at least be on my shortlist.

Favorite model for shorts wearers

Given that renovation projects can always be shelved, I’m surprised to see Kingfisher shares up 14% year to date. Perhaps this is a hint that investors believe better economic times are ahead?

Tradingly, the B&Q owner appears to be keeping its head above water. First-quarter profits were in line with expectations, although big-ticket sales were tender. Outside the UK, “encouraging sales trends” was seen in Poland, but trade in France was still quite tender. It was a mixed bag then.

To be fair, this seems to be priced into the valuation. A price-to-earnings (P/E) ratio of just over 13 doesn’t seem excessive, at least compared to other UK stocks.

Kingfisher, on the other hand, remains popular with miniature sellers — traders who bet on the company’s share price to fall. In fact, it’s the fourth “most hated” stock on the market!

Short sellers can be wrong. But since their losses are technically infinite (they lose money if the stock price goes up), I’m still very wary of getting involved.

Everything included in the price?

International value-added distribution company Diploma also saw growth, with sales increasing by 22% in 2024.

From above-average margins to solid returns on capital, there are many things I like about this provider of specialized technical products and services. It’s also a huge winner for investors over the long term.

For me, the problem is valuation. At 30 times projected earnings, Diploma stock is undoubtedly steep.

That’s not to say the stock can’t keep going up. Momentum is a powerful force in investing. But it seems like a lot of good news can get swallowed up, and any significant swings in trading could put a damper on sentiment.

Tellingly, today’s (July 18) nine-month update has elicited a muted response. This is despite “sturdy results in the third quarter” and there were no changes to the forecasts for the full year.

I’ll keep Diploma on my watchlist for now. It might be worth taking during a period of market volatility.