2 top-quality ASX shares to buy now in the market correction

Here's why I think CSL Limited (ASX: CSL) and this other ASX 200 share are buys right now in the current ASX sharemarket correction.

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With all the panic right now in local and global share markets, I think the most important strategy that you should implement as an investor is to stay calm and think rationally.

It's very important to keep in mind that the kind of volatility we're experiencing now does happen in markets from time to time. 

Shares can go down in the short term. However, if we look at the history of the share market over the past century, it shows us that the market always bounces back eventually.

Astute investors understand that the underlying fundamentals of good quality companies don't deteriorate in a few days or weeks.

What we know for sure is that the price-to-earnings (P/E) ratios of many companies have now dropped significantly. This means that opportunistic investors can purchase good quality companies at more favourable share prices.

With that in mind, here are 2 of my top ASX share picks right now that I believe offer good value to investors with a long-term investment horizon.

Bapcor Ltd (ASX: BAP)

Bapcor is the largest and leading second-hand car parts distributor in Australia and New Zealand. In the Bapcor's recent first-half results, the company reported adding a further 35 new stores and branches to its network.

Bapcor is also expanding into Thailand, which could provide it with a useful launching pad for further expansion into Asia.

Despite a significant 12.3% rise in the Bapcor share price today, I believe that the company's shares were sold off too harshly since mid-February. In my view, this provides astute investors with a good opportunity to purchase a top-quality ASX share at a more favourable price.

Although Bapcor's revenue growth has slowed down, I believe there are still plenty of opportunities to grow both locally and internationally. As the company achieves further scale, it can spread costs over a larger base and further increase its margins.

CSL Limited (ASX: CSL)

With today's 4.4% rise, CSL shares have fallen by around 10% in the current ASX correction. Again, I believe this provides investors with the chance to purchase this top-quality ASX healthcare share at a more favourable price. 

Over the past two decades, CSL has gone from strength to strength. Today, the company is a global market leader in blood plasma research and disease treatment, reaching people in more than 60 countries.

Unlike another of Australia's leading healthcare shares, Cochlear Limited (ASX: COH), I don't think that CSL will be impacted much by the coronavirus outbreak, and patients will continue to access its blood plasma products.

Phil Harpur owns shares of Bapcor, Cochlear Ltd., and CSL Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and CSL Ltd. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended Cochlear Ltd. 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.

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