Britain's FTSE rises, led higher by Hikma

* FTSE 100 up 0.6 pct

* Hikma boosted by Citi upgrade

* Index still set for weekly fall (Adds quote, detail)

By Atul Prakash and Alistair Smout

LONDON, June 19 (Reuters) - Britain's top share index rose on Friday, extending the previous session's gains and moving further from a five-month low.

Shares (Berlin: DI6.BE - news) in Hikma Pharmaceuticals (LSE: HIK.L - news) rose 5 percent to lead the gains by the FTSE 100, after Citi raised its rating on the stock to "buy" from "neutral".

Citi said that a fall of over 25 percent share since highs hit in February exceeded cuts in earnings estimates, adding that valuations were now attractive.

Ashtead Group (LSE: AHT.L - news) advanced 1.4 percent to 1,116 pence as Exane BNP Paribas upgraded the stock to "outperform" from "neutral" and raised its price target by 8 percent to 1,300 pence, traders said.

The FTSE 100 was up 37.37 points, or 0.6 percent, at 6,745.15 points by 1012 GMT. It extended its gains after an options expiry in mid-morning to rise 1.8 percent above a five- month low reached in the previous session.

However, the index was still down 0.6 percent this week, headed for its fourth straight week of losses.

"I would not expect this bounce to develop into anything significant," Augustin Eden, analyst at Accendo Markets, said. "Greek concerns are still keeping a lid on significant gains."

Euro zone leaders will hold an emergency summit on Monday to try to avert a Greek default. Bank withdrawals accelerated in Greece and government revenue slumped as Athens and its creditors remain deadlocked over a debt deal.

On Friday, Greek Prime Minister Alexis Tsipras said in a statement there would be a solution to that would allow the country to return to growth while staying in the euro zone.

The FTSE 100 underperformed European shares. Traders said the FTSE was a "defensive" index, a status that both helped and hurt.

"The FTSE is more of a safe haven than the European markets, but I think few people believe there will be a Greek exit. While the last few sessions have been risk-off, a deal should be reached," Mike McCudden, head of retail derivatives at Interactive Investor, said. "European markets will then recover more strongly, and the FTSE will continue to lag."

Outside the blue chips, telecoms provider Colt Group surged 21 percent after its largest shareholder, Fidelity, offered to buy out other shareholders. The all-cash bid values the mid-cap company at about 1.72 billion pounds ($2.73 billion).

(Reporting by Atul Prakash; Editing by Larry King)