After a lot of struggling and searching and trying, using the tip provided by @Eric Rowell and the code posted in the SO question Zoom in on a point (using scale and translate) I finally got the zooming in and out of a fixed point working using KineticJS. 
Here's a working DEMO.
And here's the code:
var ui = {
    stage: null,
    scale: 1,
    zoomFactor: 1.1,
    origin: {
        x: 0,
        y: 0
    },
    zoom: function(event) {
        event.preventDefault();
        var evt = event.originalEvent,
            mx = evt.clientX /* - canvas.offsetLeft */,
            my = evt.clientY /* - canvas.offsetTop */,
            wheel = evt.wheelDelta / 120;
        var zoom = (ui.zoomFactor - (evt.wheelDelta < 0 ? 0.2 : 0));
        var newscale = ui.scale * zoom;
        ui.origin.x = mx / ui.scale + ui.origin.x - mx / newscale;
        ui.origin.y = my / ui.scale + ui.origin.y - my / newscale;
        ui.stage.setOffset(ui.origin.x, ui.origin.y);
        ui.stage.setScale(newscale);
        ui.stage.draw();
        ui.scale *= zoom;
    }
};
$(function() {
    var width = $(document).width() - 2,
        height = $(document).height() - 5;
    var stage = ui.stage = new Kinetic.Stage({
        container: 'container',
        width: width,
        height: height
    });
    var layer = new Kinetic.Layer({
        draggable: true
    });
    var rectX = stage.getWidth() / 2 - 50;
    var rectY = stage.getHeight() / 2 - 25;
    var box = new Kinetic.Circle({
        x: 100,
        y: 100,
        radius: 50,
        fill: '#00D200',
        stroke: 'black',
        strokeWidth: 2,
    });
    // add cursor styling
    box.on('mouseover', function() {
        document.body.style.cursor = 'pointer';
    });
    box.on('mouseout', function() {
        document.body.style.cursor = 'default';
    });
    layer.add(box);
    stage.add(layer);
    $(stage.content).on('mousewheel', ui.zoom);
});