The S&P/ASX 200 Index (ASX: XJO) slumped 2.5% lower last week as many ASX 200 shares plummeted.
Despite a strong bull run in recent months, investors were spooked towards the end of last week.
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3 dirt-cheap ASX 200 shares to buy
Travel, media and oil are some of the sectors most affected by the coronavirus pandemic.
That's been reflected in the hardest-hit Aussie shares on the market. For instance, the Southern Cross Media Group Ltd (ASX: SXL) share price has fallen 66.10% lower in 2020.
Southern Cross is a major media company with a number of interests in Australian television and radio.
The pandemic has hit the media sector hard with advertising revenues plummeting lower. Investors have been pessimistic about Southern Cross' prospects this year and the Aussie media group could be trading dirt-cheap right now.
Another ASX 200 share worth watching is Flight Centre Travel Group Ltd (ASX: FLT). The Flight Centre share price fell 5.30% on Friday and is down 64.94% for the year.
Times are tough for the travel industry right now. Booking revenues have plummeted as airlines have collapsed and travel has been heavily restricted.
This sent the Flight Centre share price into freefall from mid-February onwards. Of course travel isn't the only sector feeling the heat though, with ASX 200 oil shares also trading cheaply.
The Oil Search Limited (ASX: OSH) share price has slumped 53.43% lower this year. The shutdowns in both travel and manufacturing have reduced global demand for oil by a huge proportion.
Combined with an oil price war between OPEC+ and Russia, oil prices dived through the floor (literally) and went negative in April.
The volatility and global supply glut is bad for Oil Search's earnings and sent the ASX 200 oil share tumbling lower to its current $3.29 valuation.
Foolish takeaway
These are just a few ASX 200 shares that could be trading dirt-cheap right now.
It is important, however, not to buy Aussie companies only because they've experienced share price falls. Often very smart investors are selling them for a reason, so you have to remember why you're buying – to build long-term wealth.
The recent rally has boosted some share prices higher but there are still bargains if you are willing to take some risks.
