It was another up and down week for ASX 200 shares with the S&P/ASX 200 Index (ASX: XJO) falling 13% lower to 4,816.60 points. The unknown impact of COVID-19 has spooked investors in Australia and around the world, and more pain could be on the way this week.
Last week I was watching Webjet Limited (ASX: WEB), Commonwealth Bank of Australia (ASX: CBA) and Woolworths Group Ltd (ASX: WOW) shares.
The pain continued for Webjet shareholders as the ASX 200 travel company's shares crashed 32.13% lower last week. The Webjet share price is now down 72.17% since February 20. CBA shares were volatile and shed 9.72% last week as the RBA pumped in money to prop up short-term liquidity. Woolworths was one of the few ASX 200 shares to climb higher last week, closing 1.13% higher at $37.47 per share.
Check out which 3 ASX 200 shares I'm watching ahead of a pivotal week for Aussie shares.
Metcash Limited (ASX: MTS)
For all the worried investors right now, I'm watching one of the best-performing ASX 200 shares this week. The Metcash share price is up 29.55% in March as Aussies flock to IGA supermarkets to stock up on supplies.
While no one knows how long COVID-19 might last in Australia, Metcash earnings look set to soar. So although it's hard to pick what's good value right now, I wouldn't be surprised to see the Metcash share price continue to lead the ASX 200 higher this week.
NEXTDC Ltd (ASX: NXT)
The NEXTDC share price is down 8.87% in March but I think there could be good value there. NEXTDC is an Australian data centre operator and has been an ASX 200 share since 2016. As COVID-19 picks up pace in Australia, it's worth looking at industries that are indirectly impacted by the pandemic.
When COVID-19 is done and dusted, I would expect companies to invest heavily in data security and off-site capabilities. This could help NEXTDC earnings going forward as a leader in that industry. If you're a buy and hold investor, NEXTDC could be in the buy zone and climbing higher this week.
Harvey Norman Holdings Limited (ASX: HVN)
Harvey Norman shares slumped to a new 52-week low as COVID-19 concerns spread to ASX retail shares. Despite a strong online presence, physical distancing restrictions could hit bricks and mortar retailers like Harvey Norman hard. However, the significant number of workers stocking up on supplies to work from home could offset some of that impact.
I think Harvey Norman could be good value right now. However, I wouldn't be buying until we know more about COVID-19 here in Australia. Once the government support and any social restrictions are known, that's when I'd buy ASX 200 shares like Harvey Norman.
