Creating objects dynamically in loop

There are many ways to accomplish this. I'd go with an array of objects,something like this

int noPunch= int.Parse(System.Configuration.ConfigurationSettings.AppSettings["NoOfPunchStation"];
zkemkeeper.CZKEMClass[] CZKEMarray= new zkemkeeper.CZKEMClass[noPunch];

for (int i=0;i<nopunch;i++)>
{
    CZKEMarray[i]=new zkemkeeper.CZKEMClass();
}

And then access each object with

CZKEMarray[i];

Assuming you have a real need to access the instances of your run-time created objects by names like: "axCZKEM1" , "axCZKEM2" :

// less typing with Directives !
using czClass = YourNameSpaceGoesHere.zkemkeeper.CZKEMClass;

private Dictionary<string, czClass> dctCZ = new Dictionary<string, czClass>();

private const string czNameBase = "axCZEM_";

private void initializeCZClasses()
{
    int nCZ = int.Parse 
    (System.Configuration.ConfigurationSettings.AppSettings["NoOfPunchStation"]);

    for (int i = 1; i <= nCZ; i++)
    {
        string name = czNameBase + i.ToString();
        dctCZ.Add(name, new czClass(name, i));
    }
}

// test it somewhere
var cz = dctCZ["axCZKEM_4"];
bool is4 = cz.someInt == 4 && cz.Name == "axCZKEM_4";

Note that we assume the zkemkeeper.CZKEMClass class has two Properties, one string (Name), one int (someInt) , that are set in its constructor call.