By David Russell, reporter at OptionMonster

NEW YORK ( OptionMonster) -- VimpelCom ( VIP) drew a large bullish trade Wednesday that is looking for the emerging-market telecom to rally by the end of the year.

The name doesn't see much option trading, usually about 140 contracts per session. But on Wednesday OptionMonster's tracking systems spotted the purchase of a single block of 10,000 December 16 calls for 75 cents against no open interest.

The company, which is based in the Netherlands but operates in the former Soviet Union, rose 0.85% Wednesday to close at $14.29. The stock has been stuck around the $14 level all year but seems to be building support around current levels.

The shares are cheap by some metrics, with a forward price-to-earnings ratio of less than 10 times and earnings and revenue more than twice that amount. Traders may also be drawn to the stock because of a bullish earnings report from Luxembourg-based Millicom ( MICC) a day earlier and the recent strength in among emerging markets in general.

Total calls in the name outnumbered puts by some 390 to 1 Wednesday. VimpelCom also saw some noteworthy put selling last month, another sign of support for the stock.

For the calls purchased Wednesday to turn a profit, VimpelCom's stock must gain more than 17% by the time they expire in mid-December. The company's next earnings report is scheduled for May 26.

Russell has no positions in VIP.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.