Britain's FTSE set to extend weekly fall streak

* FTSE 100 up 0.2 pct

* Index set for fourth straight weekly fall

* Hikma boosted by Citi upgrade (Recasts)

By Alistair Smout and Atul Prakash

LONDON, June 19 (Reuters) - Britain's top share index looked set to extend a four week losing streak on Friday, despite edging higher to move further from a five-month low hit in the previous session.

The FTSE 100 was up 14.48 points, or 0.2 percent, at 6,722.36 points by 1409 GMT. The index was still down 1 percent this week, however, and headed for its fourth straight week of losses.

Shares (Berlin: DI6.BE - news) in Hikma Pharmaceuticals (LSE: HIK.L - news) rose 2.6 percent to lead gainers after Citi raised its rating on the stock to "buy" from "neutral".

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

Ashtead Group (LSE: AHT.L - news) advanced 1.2 percent to 1,113 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 rally in the FTSE 100 took it 1.3 percent above a 5 month low at 6,707.88 points hit on Thursday.

"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 peripheral European shares in Spain and Italy. 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," said Mike McCudden, head of retail derivatives at Interactive Investor.

"European markets will then recover more strongly, and the FTSE will continue to lag."

Outside the blue chips, telecoms provider Colt Group surged 20.7 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).

(Editing by Catherine Evans)