ocaml, 190 bytes

Result

AC

Duration

695ms

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(let i=try index s 'K'with _-> !l in make i ' '^make(!l-i+1)'*');r()let()=r()

stdin

                         T                        
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                                                  
                 K                                

stdout

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

stderr

Exception: End_of_file.

strace