The S&P/ASX 200 Index (ASX: XJO) has fallen lower in early-afternoon trade on Wednesday. At the time of writing, the index has dropped another 1.81% as conflict in the Middle East continues to put pressure on Australian shares.
At the time of writing, less than one quarter of the index is trading in the green. And some ASX 200 shares have dropped to a six-month low.
Is this a buying opportunity? Or will the declines keep coming?
Here are two ASX 200 shares to keep an eye on.
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Harvey Norman Holdings Ltd (ASX: HVN)
Harvey Norman shares are one of the ASX 200 shares trading in the red today. At the time of writing, the stock is down 0.63% to $5.52. This is the lowest level seen since July last year. The stock is now down 24.86% over the past six months, and is just 3.57% higher over the year.
Late last month, the retailer posted a double-digit uplift in profit before tax and raised its interim dividend for the half-year ended 31 December 2025. While the result looks strong on paper, it was a touch short of consensus expectations, and investors weren't impressed.
Meanwhile, a hike in the cost-of-living has seen households cut their budgets for spending. But it's important to note that the ASX 200 retail share is a long-term performer on the ASX and has navigated cycles like this before. Usually, when investor confidence rebounds and spending picks back up, retail business will benefit from an uplift.
Analysts are mostly bullish that there will be a big turnaround in its shares this year. Out of 13 analysts, six have a buy or strong buy rating, and another six have a hold rating. The final one has a sell rating on the stock. The average target price is $6.55, which implies a potential 18.18% upside at the time of writing. Looks like it could be a great opportunity to buy this ASX 200 share.
Seek Ltd (ASX: SEK)
Seek shares are bucking the trend and are one of the few ASX 200 shares trading in the green at the time of writing. The stock is 1.4% higher for the day at $15.99 a piece. The uplift is welcome news after the shares crashed 40.24% over the past six months. They're now only marginally above the six-year low of $15.77 recorded at the close of the ASX yesterday.
The company reported double-digit revenue growth for the first half of FY26, but it didn't do enough to reignite confidence in investors. There are still concerns about the outlook for the job ad market after the recent softening.
But analysts are incredibly optimistic about the outlook for Seek shares. All 15 have a consensus buy rating, and the average target price is $25.51 a piece. That implies a potential 60.06% upside at the time of writing. It looks like the latest price crash has created a window for investors to buy the stock cheaply.
