There are many ways to do this but a simple way would be to use the Read method to handle the entire file in a single operation instead of a byte at a time.
Example:
declare ws-cFileStream as type FileStream = new FileStream("mydata.txt", type FileMode::Open, type FileAccess::Read)
invoke ws-cFileStream::Seek(0, type SeekOrigin::Begin)
declare bytes as binary-char unsigned occurs any
set size of bytes to ws-cFileStream::Length
invoke ws-cFileStream::Read(bytes, 0, ws-cFileStream::Length)
declare textfield as string = type System.Text.Encoding::Default::GetString(bytes)