** Shares of CK Hutchison 0001.HK climb 2% to HK$65.3, the highest level since January 30, and rising for a second straight session

** Top pct gainer in the Hang Seng Composite Index tracking conglomerates .HSCIC, which is up 0.9%

** Co says its Panama Ports Company unit has started international arbitration proceedings against Panama after a court there annulled its licences to operate two Panama Canal ports

** It is unclear how long the arbitration proceedings could take, although given the political sensitivities and complexity of the deal, it could drag on for a number of years, some analysts say

** YTD, stock up 22.7%, the benchmark Hang Seng Index .HSI up 3.8%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))