The S&P/ASX 200 Index (ASX: XJO) fell as much as 1.0% in morning trade today.
Since then, the ASX 200 has been forging its way higher, currently down 0.02% on Friday's close.
It seems many top companies are under pressure amid this year's increasing volatility. And there looks to be more to come.
According to Shaw and Partners' senior investment advisor Jed Richards, if the US Federal Reserve raises interest rates next month, as is widely expected, ASX 200 investors can expect more big price swings.
Below we look at 3 top shares where Richards sees opportunity in 2022.
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3 leading ASX 200 shares to buy on the dip
The first ASX 200 company where Richards sees opportunity is BHP Group Ltd (ASX: BHP).
As The Australian reports, Richards says the upcoming interest rate rises in the US will likely lower the value of the Aussie dollar. As most of the iron ore mining giant's exports are priced in US dollars, this will help lift BHP's profits.
Richards recommends buying BHP under $46 per share. It's currently trading for $47.47 per share.
Next, he points to Westpac Banking Corp (ASX: WBC). Like the other ASX 200 banks, higher interest rates should see Westpac's margins increase.
According to Richards:
Banks make more money when interest rates rise, and I prefer Westpac because of their high exposure to the residential mortgage market. Anything under $20 would be a good buying opportunity.
The Westpac share price currently stands at $21.60.
The third ASX 200 share Richards believes will see significant share price upside over the next 1-2 years is biotech giant CSL Ltd (ASX: CSL).
With the share price down following capital raisings, Richards says, "The share price is weak at the moment at $256… I think we will see $340 within a year or two."
At time of writing, CSL shares are trading for $255.59.
How have these 3 companies been performing?
The 3 ASX 200 companies listed above have performed quite differently so far in 2022.
Year-to-date, the CSL share price is down 12%, Westpac shares are 1.12% in the green, and BHP shares are up 14%.
By comparison, the ASX 200 is down around 6% since the opening bell on 4 January.
