put the event handler function inside $(document).ready(function(){…}). it shall work now
also add preventDefault() to restrict page refreshing
$(document).ready(function() {
$("#postcontent").submit(function(e) {
e.preventDefault();
$.ajax({
type : "POST",
url : "add_new_post.php",
data : $("#postcontent").serialize(),
beforeSend : function() {
$(".post_submitting").show().html("<center><img src='images/loading.gif'/></center>");
},
success : function(response) {
alert(response);
$("#return_update_msg").html(response);
$(".post_submitting").fadeOut(1000);
}
});
e.preventDefault();
});
});