It was aired on MNET, during the good old days of KTV holiday movies. It was probably shown in the late 80s, early 90s, but maybe it was actually released before that, cos in those days MNET were not as up to date as they are now.
The movie was about a boy with a magic pencil. The pencil was long, flat and blue, and whatever he drew was able to come to life. The incident I remember was him drawing a rhino. The drawings came to life as drawings, not the actual creature itself, so it was like a piece of wall shaped like a child's representation of a rhino, not an actual rhino. I think the movie was about someone trying to steal the pencil away from him.
I doubt it will be as wonderful as I remember it though, I think when you are younger you tend to hype things up. Like Nightmare on Elm Street when I was younger was the scariest thing in the world. It gave me nightmares for weeks. Yet when I watched it when I was 20ish or so, it seemed so poorly made.
Till next time in Waseem world.