ASX 200 shares have had a difficult start to 2020 and it's going from bad to worse. The S&P/ASX 200 Index (ASX: XJO) fell 9.70% lower to 5,0002 points yesterday and could hit the 4,000s today. But a bear market always presents buying opportunities, so which shares are in the buy zone today?
Telstra Corporation Ltd (ASX: TLS)
It might surprise you to see Telstra in my ASX 200 shares to buy. However, I think there could be some value in the telco right now. Despite the market correction, Telstra shares are down just 5.85% in 2020. I like Telstra for its non-cyclical earnings and potential upside from the COVID-19 crisis.
Many workplaces across Australia are facing the reality that workplaces need to me more flexible in the future. That could mean that once COVID-19 has passed, corporations look to telcos like Telstra to boost their remote working capabilities. Investment in infrastructure could be a potential winner for Telstra as a market leader in Australia.
That means Telstra could be an ASX 200 share bargain at just $3.38 per share right now.
Bingo Industries Ltd (ASX: BIN)
The Bingo Industries share price could be undervalued at the moment. A COVID-19 shutdown wouldn't necessarily be a negative for the Bingo Industries share price. In fact, the pandemic could prove to be a boost for the waste management company.
People's need for waste disposal services shouldn't necessarily dissipate in a lockdown. If anything, there may be more waste that needs disposing of. If Bingo can continue to operate throughout a potential lockdown, it could be one of the ASX 200 shares in the buy zone right now.
Bingo shares have crashed 21.68% since the start of March and are trading at $2.24 per share. That's despite the Bingo share price hitting a new 52-week high as recently as January 2020.
Now could be a good opportunity to snap up shares in the waste management group at a price-to-earnings (P/E) ratio of 30.97 times.
AGL Energy Limited (ASX: AGL)
AGL shares slumped 8.39% lower yesterday and have fallen 23.38% in 2020. Yesterday's closing value of $15.73 per share represents a new 52-week low for the ASX 200 energy share. However, I like AGL for its defensive nature given energy demands are non-cyclical.
While AGL may have crashed lower, Fools should be looking to invest for the long-term. AGL's dominance in the Aussie energy market leaves it well-placed to see earnings steady beyond 2020. I'm putting AGL on my list of ASX 200 shares to buy in March, given the cheap price and strong technical outlook.
