It hasn't been a good month for global share markets as fears over the coronavirus outbreak escalate.
Since this time last month the S&P/ASX 200 (INDEXASX: XJO) has lost approximately a third of its value.
One positive is that in falling markets there are always opportunities for investors to snap up shares that have been oversold.
With that in mind, listed below are three ASX blue chip shares that I think are looking attractive after the sell-off. Here's why I would buy them when the market volatility eases:
BHP Group Ltd (ASX: BHP)
The BHP share price is down significantly over the last few weeks. This is despite iron ore price remaining buoyant during the global market weakness. And with Chinese stimulus likely to support demand for iron ore, I expect prices to remain high for some time to come. In light of this, I expect this mining giant to continue generating high levels of free cash flow in FY 2020 and FY 2021. This should lead to more generous dividends from the Big Australian.
CSL Limited (ASX: CSL)
Whilst the CSL share price has been less impacted than other blue chips, I still feel the pullback is a buying opportunity for investors with a long-term focus. I continue to believe that the biotherapeutics company is one of Australia's highest quality companies and well-positioned for solid long term growth thanks to increasing demand for immunoglobulins, its growing plasma collection network, and its potentially lucrative product development pipelines.
Telstra Corporation Ltd (ASX: TLS)
A final blue chip share to consider buying is Telstra. Despite its defensive qualities, the Telstra share price has fallen heavily this month. I think this selling has been severely overdone and has left its shares trading at a very attractive level. Especially given its increasingly positive outlook thanks to the T22 strategy, the near completion of the NBN rollout, and rational competition. Another positive is the dividend yield on offer with its shares. At present they offer a fully franked 4.9% yield.
