Chile stocks close broadly higher on oil; peso slips

(Adds analyst quotes, closing stock and peso figures)

SANTIAGO, July 23 (Reuters) - Chilean stocks rose for a fifth straight session on Wednesday, boosted by lower oil prices and earnings optimism, while the peso slipped for a second day against the dollar.

The blue-chip IPSA .IPSA advanced 1.97 percent to close at 2,907.92 points, while the all-market IGPA index .IGPA rose 1.45 percent to 13,976.94 points.

In the last five sessions the IGPA has gained about 6.6 percent, paring its year-to-date loss to some 4.7 percent.

"There are two key variables: oil prices have moderated, and indirectly there's also the effect of less pessimism in the financial sector and about interest rates," said Agustin Alvarez, head of research with the BICE brokerage.

Alvarez said improved earnings outlooks on top of recent sharp losses were behind many of the steep rises, but gains would be vulnerable to oil prices and financial sector volatility.

U.S. oil futures fell near month-and-a-half lows as Hurricane Dolly missed major oil and gas production facilities in the Gulf of Mexico and Texas and the dollar strengthened.

Cross sector gains were led by giant wood pulp exporter Copec COP.SN, weighted at about 12 percent of the IPSA, as its shares jumped 3.65 percent.

Regional electric utilities Enersis ENE.SN and generating subsidiary Endesa Chile END.SN advanced 3.38 percent and 4.33 percent respectively.