While stocks are in the red once again, continuing the worst slide since December of 2018, some analysts are looking to which stocks could offer the most choice opportunities once the dust settles.

BNP Paribas, France’s largest bank, generated a report Friday that discusses these potential opportunities.

“We believe it is too early to call an end to the market turmoil arising from the COVID-19 outbreak,” analysts from BNP Paribas wrote in the report.

The bank noted that although “the true extent of the stress on the Chinese economy is just beginning to emerge,” the degree to which China is economically linked with the rest of Asia means that “all the Asian markets could suffer — some more, some less.”

Apart from China, Brazilian health officials confirmed the country’s first coronavirus case Wednesday, and given the scope of the infection, with the worldwide death toll from the infection standing at over 2,700, now over 80,000 global cases having been reported across every continent except Antarctica. Analysts are consequently still wary of some sectors right now.

Therefore sectors such as travel and tourism, consumer discretionary and manufacturing, industries that are dependent on production input from China, were the “obvious losers” of the coronavirus epidemic, the analysts said in the report.

But that doesn’t mean investors should avoid buying Asian stocks now. So which sectors offer opportunities?

As more consumers choose to stay home for fear of viral contagion, online retail players could be in a good position, noted BNP Paribas.

In addition, some Asian economies suffer less exposure to the potential economic fallout in China, making them a safer market to invest in now, the analysts said, adding that “India is the first one that comes to mind.”

Chinese internet, telecom, education, and Indian IT are some of the sectors that the bank believes are safer investment choice. This leaves companies like Alibaba, Baidu, and Tencent, as places to consider investing.

“We expect the Chinese consumption to recover rapidly. Tourism might not, as changes in consumer behaviour, especially where such behaviour could potentially expose one to infection, could be much more long drawn out,” the analysts said.

For investors looking at ETFs to play these safer sectors and stocks, the Invesco BLDRS Emerging Markets 50 ADR Index Fund (ADRE) and the Franklin FTSE China ETF (FLCH) are two options to consider.

For more market trends, visit ETF Trends.