BEIJING, May 12 (Xinhua) -- Shares edged up 0.37 percent on Monday as investors shrugged off news of an 8.5-percent rise in the consumer price index (CPI) in April.

    The benchmark Shanghai Composite Index closed at 3,626.98 points on Friday, up 13.49 points.

    The index opened lower and fell to 3,522.97 points in the morning, ahead of the CPI report. Shares then recovered and the index rose more than 1 percent, taking it above 3,600 points, shortly after 2 p.m.

    The April figure was broadly in line with most forecasts, although it was slightly higher than the rate of 8.3 percent in March, analysts said.

    "Price rises are stable in general. Compared with March, the CPI in April was not substantially higher and prices of some items even fell," said Zhang Liqun, a macro-economist with the Development Research Center of the State Council, China's Cabinet.

    The day's gains narrowed after news that a major earthquake measuring 7.8 on the Richter scale had struck Wenchuan County in southwest China's Sichuan Province, although analysts said the timing of the two developments might be coincidental..

    Combined turnover was steady, reaching 174.8 billion yuan (about 24.97 billion U.S. dollars), down slightly from 188.18 billion yuan on Friday.

    The Shenzhen Component Index closed at 13,166.1 points on Monday, up 85.73 points, or 0.66 percent. The two bourses reported1,138 gains and 308 losses.

    Lei Tao from Beijing Compass said the market hadn't been affected by the quake because the national economy had not been affected.

    Actually, the disaster might mean more business for construction and other companies that would help rebuild the region, said Qing Hong with Bo Hai Investment.