I saw most of this movie back in the early 90's at school. No idea how old it was back then. Doubt it was a blockbuster movie. Possibly foreign.
The movie was about a red balloon that seemed to be alive. There was a little boy who was friends with the balloon. During a later scene, a few bullies threw rocks at the balloon and may have "killed" it. Not sure. I believe it may have ended with the balloon floating into the sky to join a large group of balloons.
What was the name of this movie?