ocaml, 201 bytes

Result

AC

Duration

1537ms

Code [DL]

open String
let p=print_endline
let l=ref 0
let rec r()=let s=read_line()in
if!l=0 then p(l:=index s 'T';s)else p(try(let i=index s 'K'in make i ' '^make(!l-i+1)'*')with _->make!l ' '^"*");r()let()=r()

stdin

                                            T     
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                     K                            

stdout

                                            T     
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                                            *
                     ************************

stderr

Exception: End_of_file.

strace