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2 ASX shares to buy this week with $2000

With the current volatility in the Aussie share market, a lot of investors are staying away from buying shares over fears that share prices could fall further.

However, I would argue that it is almost impossible for anyone to pick the bottom of a market when a market correction is underway.

With prices down significantly on what they were a couple of weeks ago, that means the price-to-earnings ratios (P/E) of most shares are now lower which means they can be purchased at more favourable prices than were offered by the market a couple of weeks ago.

So, with that being said, here are two of my top picks right now if you have $2000 spare in cash.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel share price has come under a lot of over the past few weeks due to concerns over the coronavirus. Other ASX travel shares that have been hit hard during the last few weeks include Webjet Limited (ASX: WEB), Qantas Airways Limited (ASX: QAN) and Flight Centre Travel Group Ltd (ASX: FLT). However, I feel that the market has overreacted and a lot of the selling was due to panic without much rational thought with regards to the true value of the company.

I believe Corporate Travel is reasonably well placed for further share price growth over the next decade, due to its diversified business model and exposure to global growth opportunities outside its local markets. Although there is quite likely to be share price volatility over the next few weeks and even months, I think purchasing shares now will reward patient investors in the long-run.

Cochlear Limited (ASX: COH)

The Cochlear share price has also seen some decline over the last couple of weeks, as like many companies it has been caught up in the coronavirus market turmoil.

Cochlear recently downgraded its full-year earnings guidance due to the expected impact from the coronavirus. This comes as hospitals across Greater China, which includes Hong Kong and Taiwan, have been deferring surgeries to limit the risk of infection from the coronavirus.

Cochlear has been increasing its activities in China for several years now, to drive future growth of its emerging markets business.

However, I believe the recent share price correction presents investors with a good buying opportunity. The coronavirus threat will eventually pass and Cochlear is still a top-quality company, with great products and is well-positioned for long term growth.

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Phil Harpur owns shares of Cochlear Ltd., Corporate Travel Management Limited, and Webjet Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Flight Centre Travel Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.