try this one.

CALL INITIALIZE
LOOP:
CALL READ_SERIAL
MOV P1,A
JMP LOOP

;**************************************************************************
;
INITIALIZE: ;set up control registers
;
MOV TH1, #0FDH ;Set up for 9600 baud rate xtal 11.0592Mhz
MOV SCON, #01010000B ;Mode = 8 bit UART
MOV TMOD, #00100001B ;Sets Timer1 to 8 bit auto reload
MOV TCON, #01000000B ;Turns Timer1 on

RET
;
;**************************************************************************
; This routine transmits the value in A through the serial port.
;
SEND:
CLR TI ;Clear Timer1 Flag
MOV SBUF, A ;Transmit Byte
WAIT:
JNB TI, WAIT ;Wait for transmission to be completed.
RET

;**************************************************************************
; This routine recive the value form PC through the serial port.
;
read_serial:

JNB RI, $ ;Wait for RX to be completed.
clr RI
MOV SBUF, A ;Recived Byte
RET