A stretch film presenting controlled permeability to gases, manufactured by process of balloon co-extrusion and consisting of outer layers (S2) of stretchable polmeric material and by one or two inner barrier layers (S3) of a EVOH based polymeric matrix, which is made stretchable by the addition of a suitable plasticizer in such a percentage as to conciliate the stretchablity with the desired barrier effect, said layers of different material being reciprocally secured by means of layers (S4) of adhesive material. The polymeric matrix which forms the barrier material and the plasticizer are intimately mixed inside a double-screw corotating extruder, immediately before the phase of co-extrusion, through a premelting of the polymeric matrix and the subsequent injection of the plasticizer in liquid phase.