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3 undervalued ASX 200 shares to buy today

ASX 200 shares have been hit hard by coronavirus concerns and the S&P/ASX 200 Index (ASX: XJO) slipped more than 20% lower in March. However, a bear market presents some tasty buying opportunities for investors willing to take a couple of risks.

Here are 3 ASX 200 shares that I think could be undervalued at their current market prices.

3 undervalued ASX 200 shares to buy

I think there are some potential buys in the resources sector. The BHP Group Ltd (ASX: BHP) share price fell 13.75% lower in March and is down 25.54% since the start of the year. 

It’s true that the pandemic has ground the global economy to a halt. Heavy restrictions on movement and trade have hurt global economic growth and demand for basic minerals like iron ore. However, we’re seeing signs that China is emerging on the other side of the COVID-19 pandemic.

Australia’s economy is heavily reliant on China’s economy, and the resources sector is no exception. If China can recover quickly, BHP earnings may not fall as far as expected and could put the ASX 200 mining share in the buy zone.

Similarly, I would consider AMP Limited (ASX: AMP) as potentially undervalued today. Unlike the GFC, this current crisis is not related to the banks. AMP could do well to make some investments on the cheap and continue its regular business activities. 

AMP is one of those ASX 200 shares that has been smashed, closing March 20.24% lower. Despite negative publicity in recent times, AMP could be well-placed to hit the reset button and emerge from this in a much better position.

I also think some defensive exposure is not a bad idea given the volatile times. The AGL Energy Limited (ASX: AGL) share price could be good value at the moment after a 10.19% drop in March. Even with COVID-19, people still need energy and arguably more so with everyone stuck at home. AGL is a market leader and could be an ASX 200 share to buy for defensive exposure and non-cyclical earnings.

Foolish takeaway

However you choose to invest your money, there is definitely value to be found in ASX 200 shares right now. Whether you’re buying undervalued shares or betting on growth, remember to keep calm and invest for the long-term.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.