Banks, commodities lift European shares 1.3 pct

* FTSEurofirst 300 rises 1.3 pct but down for the week

* Banks, commodity shares gain

* Volkswagen, Porsche fall

By Dominic Lau

LONDON, June 19 (Reuters) - European shares rose on Friday on prospects that the global economic recovery was still on track following recent improving economic data, with banks and commodity stocks leading the gainers.

The FTSEurofirst 300 index of top European companies closed 1.3 percent higher at 861.63 points on a "triple witching" day, after rising 0.6 percent on Thursday to snap a four-session losing run.

Triple witching is the expiry of stock index futures, stock index options and single stock options.

The index, however, lost 2.7 percent this week -- the second weekly loss since early March, which was the start of current rally that has seen the pan-European benchmark up 33.5 percent from the lifetime low hit on March 9.

"The third quarter when we start seeing the earnings coming through and the corporate statements that come with it will be the most interesting time," said Philip Lawlor, chief portfolio strategist at Nomura.