There's no need to loop. The log and log10 functions can operate on arrays of data, and as long as you use element-wise multiplication you can do this in one line. [Actually, I'll need two; one to create sample data and one for the actual operation.]
PT = 10*rand(10);
S = -PT.*log10(PT);
You can compare this with the result of doing the same operation one element at a time to see if they're different.
S2 = zeros(size(PT));
for whichelement = 1:numel(PT)
S2(whichelement) = -PT(whichelement).*log10(PT(whichelement));