Disruptions at Hong Kong’s international airport are driving big gains in shares of airports just over the mainland border.

Shenzhen Airport Co. soared by the 10% daily limit, while Guangzhou Baiyun International Airport Co. rose 4.5% to a record high. They also rallied Monday, when protests first brought Hong Kong’s airport to a standstill and flights were canceled. Cathay Pacific Airways Ltd., already under pressure from Chinese authorities, extended its decline to trade at the lowest since May 2009.

Citic Securities Co. said international airlines may reevaluate Hong Kong’s role as an international hub and the flights they allocate there. That will help Shenzhen establish itself as a hub in the longer run, analysts Liu Zheng and Hu Shimin wrote in a note.

Meanwhile, ICBC International Research Ltd. analyst Zhao Dongchen rated Cathay a “strong sell” and warned of “irreversible damage” to the airline’s brand. Zhao’s HK$6 price target implies another 37% decline from the carrier’s current level in Hong Kong.

In a notice late Monday, the Civil Aviation Administration of China said it was boosting transport capacity in airports in the Guangdong-Hong Kong-Macau area to support travel between the mainland and Hong Kong.

China Southern Airlines Co. and Air China Ltd. could also benefit, Citic’s Liu and Hu said, as some passengers switch from Hong Kong to Guangzhou and Shenzhen, where they are the biggest carriers in terms of weekly flights. Air China, Cathay’s second-largest shareholder, rose as much as 0.9% in Hong Kong on Tuesday and China Southern advanced 1.4% as the wider market fell.