A very interesting question.  One thought I had was that it could be an historical accident, a consequence of the evolution of the dha from a mixed utility tool to a pure weapon.  As some have pointed out, a guard might get in the way on a blade that is primarily a tool (like a machete).  The dha is not alone in being a sword evolved from a mixed-use tool, and lacking a guard (some parangs come to mind). 
 
No one has mentioned the other protective function of a guard - to keep your hand from slipping down the blade in a thrust.  In that context, the lack of a guard is not so surprising because a dha is/was used almost exclusively as a slashing weapon, like a shashka (which also lacks a real guard).
		 
		
		
		
		
		
		
		
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