On Monday the S&P/ASX 200 index had a terrible start to the week after trade war concerns sent the index 1.9% lower to 6,640.3 points.
One area of the market that was impacted more than most was the tech sector. Heavy declines from many of the most popular tech shares led to the S&P/ASX 200 Info Tech index sinking 5.2% lower.
And whilst it may be best to let the dust settle before jumping in as there could yet be further declines, I think Monday's selling has created a buying opportunity for investors.
Here are three sold off shares to consider buying:
Appen Ltd (ASX: APX)
The Appen share price crashed 10.5% lower on Monday, making it the worst performer on the S&P/ASX 200 index. I think this is a buying opportunity for investors that are willing to make a patient buy and hold investment. After all, the company has outstanding long term growth potential thanks to its leadership position in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. These two markets are expected grow materially over the next decade, which should drive increasing demand for its services.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price was also caught up in the selloff and dropped a sizeable 6% lower on Monday. Whilst this doesn't necessarily make the infection control specialist's shares cheap, it could be an opportunity for investors to pick up shares at a more attractive level. Especially if you're willing to make a buy and hold investment. Which I think could be a very successful one thanks to its increasingly popular trophon EPR disinfection system for ultrasound probes and management's plan to launch several new products targeting unmet needs in the near term.
Nearmap Ltd (ASX: NEA)
Another share which I think could be worth picking up this week is this leading aerial imagery technology and location data company. Especially considering its shares had already pulled back notably over the previous few weeks. Monday's 7% decline means that Nearmap's shares are now down 30% since peaking at $4.29 in June. I think this has left its shares trading at a very attractive price given its explosive growth potential.
